Warrnambool's median house price has spiked to $603,000, half the price of houses in neighbouring Port Fairy, new data shows.
The Real Estate Institute of Victoria this week revealed house prices in Warrnambool had risen again last quarter to the end of June by 2.1 per cent.
The smaller rise follows a big jump over the past 12 months where prices have risen almost 21 per cent from a median of $499,000 in 2021.
In the middle of 2020 - when the city was in the middle of pandemic lockdowns - the median house price was $378,000 in Warrnambool.
That means house prices in Warrnambool are up 60 per cent on what they were two years ago.
Despite the price rise, houses in Warrnambool are still below the regional average median price which rose 1.3 per cent to $625,000 in the last quarter.
The median house price in Port Fairy actually fell slightly last quarter by 1.5 per cent to $1.28 million.
The median price in Koroit was $580,000.
Units in Warrnambool rose 7.7 per cent last quarter to $436,000 - the same price as the regional average.
Tenants are paying a median price of $350 to rent a unit in Warrnambool - slightly more than the regional average of $340.
To rent a house, the median price is $450 compared to the regional average of $400.
Houses in Portland also rose 7.8 per cent to a median of $438,000 while Hamilton rose 1.3 per cent to $390,000.
Houses in Terang rose 16.7 per cent to $432,000 while in Camperdown they rose 6.7 per cent to $430,000.
The REIV's June Quarterly Median Report reveals regional Victoria held strong with values increasing across houses, units and apartments.
The median house price in regional Victoria saw a 21.6 per cent annual increase from $500,000 to $608,000.
Units in regional Victoria peaked to $418,000 in the June quarter reaching a new price record and shot up 14.5 per cent over the financial year.
The data reveals some "exceptional" price growth, the REIV said, with places such as Horsham seeing median house prices jump more than 40 per cent to $393,750.
REIV president Richard Simpson said that while there has been discussion on the impact of interest rate rises on house prices, the market remains strong, especially across regional Victoria.
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