While the residential housing property market median price decreased by two per cent during the September quarter, Koroit’s value rose 33 per cent compared with the same quarter in 2011 and by 4.2 per cent compared with the June quarter last year.
KOROIT, Portland and Dennington held strong against a tide of falling house prices across the south-west, according to the latest Valuer-General report.
While the residential housing property market median price decreased by two per cent during the September quarter, Koroit’s value rose 33 per cent compared with the same quarter in 2011 and by 4.2 per cent compared with the June quarter last year.
Dennington rose by seven and five per cent respectively, while Portland’s value was up 3.2 and 6.7 per cent respectively.
However, the medians at Dennington ($337,000), Koroit ($312,500) and Portland ($240,000) were still considerably below the statewide median of $402,000.
There were 16 house sales each in Koroit and Dennington for the nine months to September, while Portland had 102.
Warrnambool and Port Fairy continued to be subdued.
Port Fairy’s September median was $375,000, down 4.5 per cent compared with 2011 and down 21.9 per cent compared with the June quarter. There were 53 sales.
Warrnambool’s $313,500 median was down five per cent on 2011, but only 0.5 per cent below the June quarter with 308 sales. The cheapest houses were at Coleraine $80,000, Edenhope $106,000, Mortlake $133,000, Heywood $134,300, Lismore $166,000, Hamilton $169,000, Terang $180,000, Cobden $181,500 and Camperdown $182,000.
Colac’s median of $225,000 was 4.7 per cent higher than the 2011 figure, but down 1.3 per cent on the June quarter. Its suburb of Elliminyt fell 23.9 per cent to $247,000 compared with the June figure.
The dearest blocks of land were in Port Fairy, where the median rose 26.5 per cent to $185,000 compared with 2011 and 16.7 per cent above the June quarter, while in Warrnambool the median was $138,500, up 10.8 per cent on 2011 and down 6.3 perR cent on the June quarter.
Koroit’s price wasn’t far behind with a $132,000 median, a 34 per cent rise on the June quarter but 5.7 per cent below the 2011 mark.
Dennington’s land price fell more than 19 per cent to $95,000, while in Colac the $75,000 median was a 63 per cent resurgence on June.
Residential unit prices also fell, with Warrnambool’s median of $227,500 down 11.7 per cent on June, Portland’s $155,000 down 37 per cent and Colac’s $175,500 down 0.6 per cent.
pcollins@fairfaxmedia.com.au