PROPERTY prices continue to climb across south-west Victoria with rises of at least 10 per cent in most centres, according to the latest report by the Valuer-General.
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Port Fairy holds the distinction for the region's highest median house price of $392,500 for the December quarter, up 16 per cent in a year with 86 sales, but that's 6.3 per cent below the September peak of $418,800.
It also had the region's dearest vacant land median of $161,000 and the dearest units of $358,300, down 12.6 per.
Warrnambool, meanwhile, experienced a slight hiccup in housing prices with a 1.3 per cent annual fall to a $309,000 median, but business remained brisk with 103 sales during the quarter and 442 for the year.
It was among only 11 locations across the state with more than 100 house sales for the December quarter.
Vacant land prices were still in hot demand with the city's median price lifting by 15.4 per cent to $150,000 for the year with 127 blocks sold, while unit prices rose 15.1 per cent to a median price of $266,500 with 120 sales.
Warrnambool's expanding western suburb of Dennington also came off the boil with a 26.3 per cent fall in house prices to $250,000 based on 27 sales, while vacant land prices rose 5.3 per cent for the year and 34.3 per cent for the quarter to $125,000.
That was the same price as Peterborough, where prices remained static.
The cheapest south-west housing was at Coleraine where the median price is $74,000 after a 38.3 per cent slump based on only 19 sales for the year.
The Grampians tourist town of Halls Gap has become a real estate hot spot judging by a 71.8 per cent annual rise in the median house price to $378,000 based on 15 sales.
Portland values increased across all sectors with the median house price up 18 per cent to $236,000, based on 189 sales for the year, vacant land up 7.6 per cent to $78,000 and units up a whopping 109.7 per cent to $283,200.
Only 30 kilometres away at Heywood the median house price is only $130,500, up 8.8 per cent for the year.
Koroit’s popularity as a booming lifestyle town was evidenced by a 12.6 per cent rise in houses to $287,300 for the year and 30.7 per cent up on the September quarter.
Hamilton’s market is mixed with a 12.9 per cent rise to $235,000 for houses, but a 21.9 per cent slump for vacant land to $82,000 while units were static on a yearly comparison at $242,000, but 26 per cent up on September.
Further east, Colac’s median house price rose 11.7 per cent to $220,000 with 146 sales, vacant land was up 46.2 per cent to $123,500 and units rose 6.8 per cent to $235,000.
However, only five kilometres from Colac’s centre the more scenic Elliminyt commanded a median price of $320,000, representing an 8.7 per cent annual rise.
Camperdown prices also continued their way up with a 22.9 per cent rise to $201,500 for houses after 49 sales.
Further west along the Princes Highway, Terang’s median house price eased back from a mid-year peak of $191,300 to finish the year at $173,500, up 4.2 per cent with 27 sales, while south at Timboon houses rose 15 per cent to $230,000 and also with 27 sales.
At the cheaper end of the market Mortlake cooled down with its median price falling 6.8 per cent to $150,000, based on 24 sales, Cobden’s house prices slumped by 31.9 per cent for the year to $126,000 based on 14 sales and Casterton enjoyed a 16.7 cent annual rise and a 81.5 per cent quarterly rise to $122,500 based on 20 sales for the year.
Well-heeled investors continue to fork out for Lorne houses which reached a median price of $750,000.
