Warrnambool housing blocks rise as homes fall

PRICES for housing blocks in Warrnambool have jumped more than eight per cent, according to the latest figures.

Sales data from Land Victoria released yesterday shows the median price of vacant land in the city rose to $150,000 in the period from July to September 2013. The figures are based on 23 sales.

This compares to $138,500 for a block in the same quarter the previous year. Dennington prices were a little cheaper, coming in at $120,000 compared to $117,800 in 2012.

Another significant rise was in Port Fairy, where blocks sold for a median price of $162,500. This was 19 per cent higher than the 2012 quarter of $136,300. However, the figures are based on just four sales for the quarter.

The median price of a residential house in Warrnambool dropped slightly for the period, from $319,000 to $305,000. The 6.5 per cent decrease is based on 91 sales in the September quarter.

Hamilton was a stand-out performer, recording 33 sales at a median price of $220,000. This represented a jump of nearly 32 per cent on the previous year’s figure of $167,000.

Prices for Camperdown houses increased to $221,500 — a 22 per cent rise on the 2012 figure of $182,000 and based on the eight properties sold for the quarter.

Port Fairy homes have reached a median of $395,000 compared to $375,000 for the same period the previous year. The rise, of five per cent, represents data from nine sales.

Unit prices in Warrnambool dropped by just over three per cent, from $238,500 to $230,700. Twenty-seven units were recorded with Land Victoria for the quarter.

Victorian Valuer-General Robert Marsh said the figures indicated the median house sale price in the state increased to $431,300 while the price in country Victoria was $285,000.

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