IT’S cheaper to buy a home in Warrnambool than in Portland, new data has revealed.
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The median house price for Warrnambool for the March quarter was $318,500 compared with $333,500 in Portland.
The data, released by the Real Estate Institute of Victoria, showed the median price for Warrnambool was up 1.5 per cent on the previous quarter. In Portland the price dropped by 3.3 per cent from $345,000 for the December quarter.
Northeast Stockdale and Leggo director Matt Northeast said he was surprised to find Warrnambool’s median price so low. He said based on houses his business had sold in the past financial year the median price for Warrnambool was about $347,000.
“It’s a reasonably good market for everyone,” he said. “Warrnambool is an affordable place to live.”
According to Ludeman Real Estate director Bruce Ludeman the gap between Warrnambool and Portland was a bit unusual but he said the data should only be taken as a guide. “The next quarter it could look completely different again,” he said.
For Harris and Wood Real Estate director Danny Harris the figures were not reflective of what he had seen in the market in the past six months.
“We’ve seen consistent improvement on the market over the last 12 months,” he said.
“There’s been low interest rates along with stable employment. We’ve seen other areas on the coast… Geelong and Melbourne have seen a real boom and in some ways I think we’re playing catch up.”
Brian O’Holloran & Co director Brian Hancock said there was a broad range of real estate being sole across Warrnambool.
He said the city had a much wider market than some of the surrounding towns with more properties being sold.