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According to the REIV’s latest quarterly median data, the March 2024 quarter largely saw a further recovery in house and unit prices across Victoria, with metropolitan houses up by 2 per cent. Over twelve months, all Victorian properties saw a slight decrease in median price, with regional houses the most resilient at 0.4 per cent down.

During the quarter, more than half of all regional price growth occurred in major regional centres. These include Greater Geelong, with quarterly rises ranging between 1.6 and 4.5 per cent across Newtown ($1,165,000), Clifton Springs ($700,000), Newcomb ($591,250), Bell Post Hill ($645,000), Norlane ($460,000) and Bell Park ($630,000).

Similar quarterly price rises were also seen in Greater Bendigo, with White Hills ($507,500), Epsom ($600,000), Kangaroo Flat ($507,500) and Heathcote ($557,500) experiencing quarterly growth between 1 and 3.5 per cent.

In Gippsland region, Lakes Entrance climbed 14.3 per cent during the quarter to $677,500, Foster climbed 11.5 per cent to $680,000, and Rosedale climbed 9.5 per cent to $520,000.

Over twelve months, stand-out regions included the Surf Coast, where Jan Juc climbed 14.3 per cent in the year to a median of $1,320,000. Anglesea saw an annual rise of 10.9 per cent to $1,760,000. Other significant annual price rises in the region included inland Surf Coast towns Winchelsea (6.3 per cent) and Inverleigh (13.7 per cent).

In metropolitan Melbourne, long term growth was dominated by suburbs in the City of Monash, with five suburbs now in the REIV’s top 20 annual increase for house prices. These are Glen Waverley (11.8 per cent), Mulgrave (10.0 per cent), Burwood (7.7 per cent), Mount Waverley (7.1 per cent), Wheelers Hill (4.8 per cent).

Houses in Malvern ($3,265,000) and Brighton ($4,135,000), two of Melbourne’s most expensive suburbs, saw a strong recovery exceeding 35 per cent in quarter and are almost back at their value twelve months ago.

Mr Jacob Caine, REIV President, said key drivers of growth this quarter were Victoria’s regional centres, prized by buyers as affordable and lifestyle-focused and close to amenities.

“While the quarter saw an overall steady recovery in prices across the state, it’s pleasing to see Regional Victorian centres standing out as drivers of house price growth. Cities like Bendigo and Greater Geelong are attracting buyer interest for their lifestyle appeal and amenity, and all offer affordable buying options that are harder to find in metropolitan Melbourne,” said Mr Caine.

“Notwithstanding the challenges currently at play in our property sector and the need to increase housing supply, there is certainly a strong case for confidence and optimism with prices stable and both auction and transaction volumes high.