The Victorian tree-change areas where prices rose the most over the past year
Experts say affordability, limited supply and interest rate movements are fuelling regional growth.
Colac Otway Shire led the annual growth rankings, rising 14.9 per cent to a median house price of $609,000 at the end of June, up from $530,000 a year earlier, the latest Domain House Price Report, released on Thursday, found.
Nearby Corangamite recorded a 13.2 per cent annual jump to $461,250. Indigo in the state's north-east rose 13.1 per cent, followed by Mildura (10.6 per cent) and Mansfield (9.5 per cent). The Northern Grampians and Southern Grampians each climbed 8.2 per cent.
Domain's chief of research and economics, Dr Nicola Powell, said Victoria's median regional house price was $5000 away from being back to the record high reached in March 2022, as lower interest rates improved borrowing power and buyer confidence.
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'There is an increase in demand and momentum which is in line with what we're seeing in Melbourne,' she said.
Some traditionally in-demand regions fell backwards. Hepburn dropped 11.3 per cent to a median of $687,500 in the year to June. Golden Plains, South Gippsland, Bass Coast and the Surf Coast recorded falls between 5 per cent and 7.2 per cent. Greater Geelong was down 4.0 per cent.
More-affordable inland towns were'playing catch-up to nearby LGAs [local government areas], which saw much greater rates of price growth in that early pandemic period when we saw that flight into regional Victoria,' Powell said.
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