23 Holmwood Ave, Anglesea, sold for $2.3 million in January.
SURF Coast, Bellarine Peninsula and Geelong suburbs have dominated the top regional Victorian property hot spots over the past 20 years.
Prices have climbed as much as $900,000 in the nine towns and suburbs among the 20 areas with the highest price growth since 2000.
Realestate.com.au data shows Anglesea was the region’s top performer, rising 541 per cent.
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The price for a typical house in Anglesea rose from $170,000 in 2000 to $1.08 million in June.
Anglesea was ahead of Barwon Heads (up 539 per cent to $971,250) and St Leonards (from $90,000 to $563,750), while inner city Geelong West (from $117,000 to $690,000) was the highest urban suburb.
Portarlington ($110,000 to $609,250) was the fourth coastal hot spot, while Herne Hill ($91,500 to $520,000), Norlane ($62,000 to $350,000), Newcomb ($83,000 to $450,000) and Newtown ($169,000 to $890,000) also made the list.
Great Ocean Properties, Anglesea agent Ian Lawless said the coastal town vibe surrounded by national park ensured a wide range of buyers competed for the lifestyle location.
“We have first-home buyers, upgraders, we have downsizers from Melbourne, we have people that are moving for a lifestyle, we have a whole lot of different demographic of people all looking for the same properties,” Mr Lawless said.
11 Margate St, Barwon Heads, sold for $2.65 million in February.
“There is access to schools, Geelong and Melbourne. You can get to Torquay and there is a supermarket.
“Even for older people, once you move into Aireys (Inlet) there’s no bowling club, no football club, none of those things that are on offer here.”
Bellarine Property, Barwon Heads agent Christian Bartley said the region’s proximity to Geelong and Melbourne made it increasingly popular with buyers moving in full-time.
While Barwon Heads had a surf culture and St Leonards and Portarlington were in winery country, the towns were an hour and 10 minutes from Melbourne.
It meant they were now busy in winter, especially since the ferry from Portarlington to Melbourne was launched.
“As soon as you see townships increase in winter, it’s not too long for prices to grow,” Mr Bartley said. “Barwon Heads is busy every day of the week.”
67 Waratah St, Geelong West, sold for $1.21 million in June.
A rise in professionals working in or commuting from Geelong had driven the growth in inner suburbs, Hodges, Geelong West agent Marcus Falconer said.
“It’s no surprise that Geelong West is at the top, given the choice of schooling and the proximity to the CBD and the water,” Mr Falconer said.
Harcourts, North Geelong agent Joe Grgic said Geelong offered a value proposition enhanced by location, especially for investors seeking bargains.
“A couple of years ago I had some clients come down from Sydney and they just looked at Geelong as if it was a part of Melbourne. We get the best of both worlds. We’ve got lifestyle, we’ve got value, we’ve got so many great things from schools, shopping, waterfront, all these things and yet the value proposition is evident in comparison.”
TOP REGIONAL VICTORIAN HOT SPOTS FOR PAST 20 YEARS
| Suburb | Median house price, 12 months to June 2000) | Median house price, 12 months to June, 202 | % Growth |
| Kyneton | $90,000 | $622,500 | 592% |
| Cape Woolamai | $79,000 | $510,000 | 546% |
| Anglesea | $170,000 | $1,089,500 | 541% |
| Barwon Heads | $152,000 | $971,250 | 539% |
| St Leonards | $90,000 | $563,750 | 526% |
| Geelong West | $117,000 | $690,000 | 490% |
| Woodend | $130,000 | $755,000 | 481% |
| Herne Hill | $91,500 | $520,000 | 468% |
| Castlemaine | $92,500 | $525,000 | 468% |
| Norlane | $62,000 | $350,000 | 465% |
| Portarlington | $110,000 | $609,250 | 454% |
| Newcomb | $83,000 | $450,000 | 442% |
| Bright | $119,000 | $645,000 | 442% |
| Wonthaggi | $70,000 | $372,500 | 432% |
| Ballarat Central | $96,000 | $510,000 | 431% |
| Cowes | $103,000 | $545,000 | 429% |
| Newtown | $169,500 | $890,000 | 425% |
| Beechworth | $99,000 | $517,500 | 423% |
| Ballan | $93,875 | $490,000 | 422% |
| Venus Bay | $65,500 | $340,000 | 419% |
Source: realestate.com.au
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