Figures from the Real Estate Institute of Victoria (REIV) show the median price for a four-bedroom house in Warrnambool at the end of the financial year was $505,000, while the regional Victoria price was $415,000.

REIV chief executive officer Enzo Raimondo said Warrnambool house prices, for both three- and four-bedroom homes, have shown consistent annual growth.

“Four-bedroom homes have shown the greatest growth,” he said.

“The average annual growth over the past five years for four-bedroom homes in Warrnambool is 5 per cent. It’s worth noting that prices have moderated for four-bedroom homes in the most recent quarter, falling by about 1.9 per cent in the three months to June 30 but have still shown a solid increase in annual terms.”

Three-bedroom homes have also seen solid price growth. However, three-bedroom homes in Warrnambool are $10,000 below the regional Victoria median price of $295,000. 

“The average annual growth over the past five years for three-bedroom homes in Warrnambool is 1.4 per cent, with the median price for a three-bedroom home in Warrnambool now $285,000,” Mr Raimondo said.

Warrnambool real estate Brian Hancock from Brian O’Halloran and Co. said he was surprised the median house price for four-bedroom homes was above $500,000.

“It seems a bit dramatic,” he said.

“I would have thought it would be under that.”

Mr Hancock said the Warrnambool market was steady.

“I don’t think there’s any records being broken but the market is bubbling along all right.

“At the moment buyers have a really good choice of houses in various price brackets.”

Matt Northeast from Northeast Stockdale and Leggo was also shocked, saying the median price for four-bedroom homes was “astronomical”.

Mr Northeast said houses across the south-west priced appropriately were selling.