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Property prices – the rise continues

Property prices across Victoria maintained their upward trend during 2002, according to Victoria’s official property sales figures.

By Department of Primary Industries - 15th August 2003 - Back to News

The median house price in country Victoria for 2002 was $144,000 – up 19 per cent from $121,000 in 2001.

The 2002 figures - released by Land Victoria, Department of Sustainability and Environment - were compiled from Valuer-General Victoria’s (VGV) databases of property transactions in Victoria.

But Valuer-General Jack Dunham said the total number of sales in Victoria was down 8.3 per cent from 2001 and the value of those sales was almost $43.9 billion (down 1 per cent).

The Guide to Property Values 2002 provides a summary of sales activity for every local government area in Victoria. The data is collected through Notice of Acquisition forms lodged with the State Revenue Office and forwarded to the Valuer-General.

"The highest increase in regional Victoria was recorded in San Remo, up 69 per cent from $167,250 to $282,000.

"Venus Bay recorded the second highest increase with a median price up 60 per cent from $91,000 in 2001 to $145,500," Mr Dunham said.

Other areas that experienced increases included Timboon, up 59 per cent from $75,000 to $119,000; Meredith, up 57 per cent from $90,000 to $141,000; and Coronet Bay, up 55 per cent from $84,000 to $130,000.

"The highest metropolitan median house price increase was recorded in East Melbourne – 56 per cent for 2002 and an overall increase of almost 300 per cent since 1992," Mr Dunham said.

"Other suburbs showing strong growth included Eaglemont (51 per cent), Coburg East (47 per cent) and Research (46 per cent)."

A total of 59,454 sales, valued at more than $8.6 billion, were recorded in country Victoria last year. In 2001 that figure was $7.4 billion from 58,626 sales.

Copies of the guide are available at a cost of $55 from Land Victoria, Marland House, 570 Bourke Street, Melbourne, telephone 03 8636 2456, fax 03 8636 2494 or property.sales@dse.vic.gov.au

Movements in median prices in selected locations and property types

Metropolitan Melbourne - houses

Inner suburbs

Highest positive movement

Lowest positive movement

Middle suburbs - houses

Highest positive movement

Negative movement

Outer suburbs - houses

Highest positive movement

Negative movement

Units

Inner suburbs

Highest positive movement

Negative movement

Middle suburbs

Highest positive movement

Negative movement

Outer suburbs

Highest positive movement

Negative movement

Vacant Residential Lots

Middle municipalities

Highest positive movement

Negative movement

Outer municipalities

Highest positive movement

Lowest positive movement

Country Victoria - vacant residential land

Regional cities

Highest positive movement

Lowest positive movement

Coastal shires

Highest positive movement

Negative movement

Rural shires

Highest positive movement

Negative movement

Source: http://gippsland.com/

Published by: news@gippsland.com

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