SOUTH-WEST Victoria’s residential housing market is showing slight signs of recovery with more construction projects than a year ago and price improvements in some centres.
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According to the latest Warrnambool City Council figures and Valuer-General’s sales report there’s been upward movement.
City council statistics show 204 residential building projects valued at $29.4 million in the period between September and January compared with 200 projects valued at $28.6m a year earlier. There were also more commercial construction projects with 38 for the five months compared with 32 in the same period a year ago.
However, figures in the Valuer-General’s latest report for the September quarter showed fluctuations in house prices.
Warrnambool’s median house price of $302,900 was down by 5.3 per cent from 2013 September quarter and 6.8 per cent down since April-June last year.
Figures were calculated on the 109 sales for the September quarter and 321 for the nine months of 2014.
Its suburb of Dennington had a higher median at $340,000 which was a 23.6 per cent rise on April-June. Warrnambool’s median housing unit price of $240,000 was up 7.9 per cent in the 12-month comparison, but down 7.7 per cent compared with last year’s June quarter.
Warrnambool’s vacant land rose 5.9 per cent to $147,300 between April and September, but down 3.1 per cent compared with July 2013. Dennington’s land price was $138,000, representing a 16 per cent rise over 12 months.
Port Fairy retained the crown of the region’s highest median price of $412,500 with 20 sales for the quarter and 67 for the nine months showing a 4.4 per cent rise over 12 months and the dearest vacant land at $210,000 — down 2.3 per cent.
House prices in several smaller towns were positive with Mortlake’s $170,000 median being a 47.8 per cent rise on April-June, Camperdown’s $196,000 up 17 per cent, Terang’s $165,000 up 24 per cent and Timboon’s $250,000 up 46 per cent on the 12 month comparison and seven per cent on April.
Casterton had the region’s lowest median house price at $100,000 which was down 12 per cent on April followed by Heywood on $105,000, down 16 per cent and Macarthur also on $105,000, down 32 per cent. Cobden’s $142,500 was down 10.9 per cent on a 12-month comparison, Colac’s $220,000 down 8.7 per cent on April-June and Koroit’s fell 21 per cent to $258,800.
The biggest price movement was at Willaura with one sale for the September quarter causing an 86 per cent rise to a new median of $127,500, while Hamilton’s median rose 11 per cent to $200,000 and Portland’s $218,000 was down 14.5 per cent for the 12 months and up 6.3 per cent for the quarter while Colac’s $220,000 was down 8.7 per cent for the quarter. Vacant land prices in Hamilton fell 29 per cent to $85,000 for the quarter, rose two per cent in Koroit to $96,500, and rose 1.6 per cent in Portland to $92,500.
Housing unit prices soared 449 per cent in Portland over 12 months to an abnormally high $582,500 while Hamilton’s tumbled 56.6 per cent to $90,000 based on only three sales and Port Fairy fell minimally to $386,500 based on 20 sales for the year.
The Valuer-General’s report said country Victoria’s median house price decreased by 3.3 per cent to $290,000 in the quarter and was unchanged for the previous 12 months.