Real estate market remains steady

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By Justin Flynn

House prices on the Bellarine remained relatively steady – with the exception of Barwon Heads and Queenscliff – from September through December, according to the Real Estate Institute of Victoria.

The regional Victorian median sale price in the three months to December was $486,000 – an increase of 9.2 per cent from the previous quarter.

The average price for a house in Barwon Heads is now $1.25 million, however that figure was inflated after a Stephens Parade property sold for a record price in November. The official figure was not released but it was more than the $7.25 million paid for a Lorne home last year. The vendors were keen for a $10 million sale.

Queenscliff recorded a rise to $974,000.

Portarlington recorded a stunning recovery the previous quarter, but slowed down this quarter. After an 11.1 per cent increase in the September quarter, the median house price in Portarlington is $632,000, up by 3.2 per cent.

Drysdale recorded a quarterly price change of 2.8 per cent, with the median price now $520,000.

St Leonards reported a 0.2 per cent decrease to $578,000.

Clifton Springs recorded a price change from $540,000 to $553,000.

The median price in Ocean Grove increased from $733,000 to $773,000.

Leopold’s median price increased to $540,000.

Across the Bellarine Peninsula rent remained steady.

Barwon Heads, Drysdale, Point Lonsdale, Portarlington and Queenscliff figures were not available, but median rents in Leopold are $410 a week.

Clifton Springs rental prices rose to $383 a week and Ocean Grove rose from $430 a week to $450. The median rental prices in St Leonards increased from $390 to $400.

Overall it took longer to sell a house on the Bellarine Peninsula than the regional statewide average of 39 days.

No town on the peninsula beat the statewide average, although Barwon Heads (41 days) and Leopold (45.5) came close.

It took an average of 60.5 days to sell a house in Ocean Grove and St Leonards.

Drysdale (63), Queenscliff (70), Clifton Springs (79) and Point Lonsdale (98.5) took much longer.