Popular turnaround cities where house prices are in the $1 million club

Barwon Heads has the most expensive median home price in the Victoria region at $1.81 million, up 26.4% in the year to June.

Other coastal cities are also well above seven figures, including Anglesea (up 37.4 percent to $1.7 million), Point Lonsdale (up 51.8 percent to $1.425 million), Jan Juc (up 10.6 percent to $1.41 million) and Torquay (up 10.6 percent to $1.41 million). 35.8 percent to $1,305 million).

Further west, Port Fairy saw a 48.1% annual jump in price to a median of $1.15 million.

Neighborhoods like Riddells Creek and Gisborne in the Macedon Ranges soared 37.5% and 19.3% respectively, pushing their median prices above the magic $1 million mark.

Other tree-changing cities like Bright are also in the club, with a median of $1.175 million, after a massive 53.6 percent price increase in the last 12 months.

Powell said that while prices in popular regional areas were strong, the pace of growth was slowing as the housing market across the country shifted gears after a series of interest rate hikes.

Separate figures from CoreLogic showed prices fell slightly in some regional areas in the July quarter.

Hayden Real Estate Geelong and Surf Coast director Bryan Hayden said people from Melbourne and other parts of Victoria were still looking to buy on the Surf Coast.

“The market is supported by a very vibrant local community that is basically shaping the market,” Hayden said. “Melbourne people find that they have to be very, very active to outdo the locals.”

Charging

Local buyers were upgrading or buying another home for their children or grandchildren, Hayden said, but were also challenged by a shortage of homes for sale.

In Gisborne, which sneaks into the million-dollar club with a median home price of $1.05 million, buyers are still looking for a tree swap and a better return on their investment.

Raine & Horne Gisborne director Ken Grech said the market caught fire after the many COVID-19 lockdowns in Melbourne, as people were looking to move to an area outside the city limits, where the lockdowns were less likely.

reality show The blockFilmed in Gisborne South, it had also sparked interest in the area in recent months.

“It’s putting us more on the map,” Grech said. “People are looking for bigger blocks [and houses] and that is the advantage we have here.”

Victorian Council of Social Services chief executive Emma King said low-income locals were now finding it very difficult to make ends meet in regional areas and were being forced to move.

“People are sacrificing to be able to pay their rent or mortgages by skipping meals and medicine to make their payments,” King said.

More expensive housing in regional areas meant essential workers such as teachers, nurses and social support workers couldn’t afford to live in the local area, and locals were missing out on additional support.

“We’re seeing it play out in rural and regional areas and it’s much bigger than it’s ever been before,” King said.