Warrnambool has experienced its biggest annual jump in median house prices on record, new data reveals.
Subscribe now for unlimited access.
$0/
(min cost $0)
or signup to continue reading
Real Estate Institute of Victoria (REIV) data released this week revealed a massive 19.6 per cent rise in Warrnambool's median house prices in the three months to December 2020.
It is the biggest annual jump since recording commenced in 2007.
REIV data revealed the median price for a three-bedroom house in the suburb of Warrnambool last year was $390,000, up 14.6 per cent from the year before.
The median price for a two-bedroom property was $315,000 - an annual change of nearly 10 per cent.
Daniel Roberts from Warrnambool's Roberts One Real Estate said it was the biggest spike he'd seen in his nearly 15 years in the industry.
"We've had some gradual increases along the way but this would easily be the biggest I've seen," he said.
"I think the market still has plenty of growth in it though and I think that will come organically from what you can buy outside of the city.
"That is Warrnambool's value versus other bigger country cities like Ballarat and Geelong."
Mr Roberts said Roberts One Real Estate had nine sales under contract between December 12 and January 4.
He said the majority of those were sold between $350,000 and $450,000 to both locals and people from Melbourne.
He said one property under offer at Winslow had 16 inspections on December 29 and sold in the "high $200,000s".
Mr Roberts said Warrnambool properties were still going a lot cheaper than its surrounding major cities.
"There's still very good value left in this Warrnambool market and I think that growth will continue for some time yet," he said.
"That can be hard for people to fathom but that growth was due to happen, purely because of the market that surrounds us."
Mr Roberts said while the market was increasing it was "fascinating" that buyers interested in Warrnambool could still find a "nice house in the mid ($300,000s) for house and land".
"It's an amazing time to sell a property but it's also a good time to buy," he said.
"People often say 'I'm not going to buy until (the market) drops but they would be silly not to buy now.
"And if you bought a house some time ago, you're also going to make good money out of your house. It's currently a great market for both parties."
The Warrnambool 2020 auction market performed well with 29 sales and 85.3 per cent clearance rate, compared to 26 sales and 66.7 per cent in 2019.
Have you signed up to The Standard's daily newsletter and breaking news emails? You can register below and make sure you are up to date with everything that's happening in the south-west.