Warrnambool small home prices slide against state trend

WARRNAMBOOL has bucked the statewide trend for booming smaller home prices.

In the first quarter of 2014 regional Victoria showed a rise in the prices of smaller homes, with units and apartments recording significant price growth in the past three months.

However, Warrnambool prices have slightly decreased.

While the unit and apartment median price grew by 8.2 per cent across the state in the three months to March 31 this year to $262,500, Warrnambool’s median price has dropped by 1.8 per cent.

The December 2013 median price was $310,000, with the March 2014 quarter recording a median price of $304,500.

Auction results for Ray White Warrnambool were mixed on Wednesday evening at its monthly auction at Mid City Motor Inn.

Three properties were sold by auctioneer Jeremy Tyrell.

Director Jess Densley said the historic home and former hotel in a prominent position at 547 Koroit-Mailors Flat Road, Southern Cross, was sold for $175,000, while a three-bedroom property on 0.4 of a hectare (one acre) at 78 McCartneys Road, Crossley, was passed in on a vendor’s bid of $260,000 and is now on the market at $320,000.

Two bidders were attracted to a home at 163 Officers Lane, Koroit with offers starting at $260,000. The home sold under the hammer for $335,000.

A substantial home on 0.4 of a hectare at 120 Bromfield Street, Warrnambool, also sold for an undisclosed amount.

Two Warrnambool properties failed to sell — 24 Dunroe Court was passed in on a vendor’s bid of $400,000 and 28 Fitzroy Road also failed to attract a buyer. Both properties have interested parties and negotiations are continuing.

Two hectares and a home at 150 Rodgers Road, Warrnambool, was passed in after a vendor’s bid of $230,000. Mr Densley said negotiations were continuing.

A family home at 10 Hughs Road, Purnim West, was passed in on a vendor’s bid of $460,00 with negotiations continuing with two interested parties, and 109 Woodend Road, Warrnambool passed in on a vendor’s bid of $310,000.

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