BARWON Heads has broken through the $1 million median house price barrier, joining an exclusive club of premium suburbs.
The coastal town has been revealed as one of the Geelong’s regions best real estate performers over the past 12 months.
It is one of several suburbs that bucked the downturn to record double digit growth, new data from realestate.com.au shows.
Drysdale tops the region’s list for year-on-year capital growth to the end of August, coming equal seventh nationwide.
Median houses prices surged 20 per cent to $581,750 in the Bellarine Peninsula town.
Bannockburn came in second with 13 per cent capital growth, just pipping Barwon Heads and Clifton Springs where prices rose 12 per cent.
The strongest performer in urban Geelong was Bell Park, which recorded a 11 per cent increase.
This premium property at 235 Whitcombes Rd, Drysdale is on the market for $2.6 million.
RT Edgar, Barwon Heads agent Andy Ingham said a string of high-end sales this year had pushed the median price in Barwon Heads into new territory.
“There has been six sales over $2 million … and one of them was just shy of $7 million and another one was $3.4 million,” Mr Ingham said.
“The high-end stuff has slowed down over the last three months but coupled with those high-end sales the entry level properties, around the $800,000 to $1 million mark, have had good consistency.”
14-16 Riverside Tce, Barwon Heads sold for a record price earlier this year.
Absolute river frontage was key selling point.
A Modernist riverside house, designed by well-known architect Neil Clerehan, in Barwon Heads set a new residential price record for the region when it sold for $6.75 million in April.
Bellarine Property, Barwon Heads agent Levi Turner said there was a perception Melbourne buyers were driving the price growth, while in reality 85 per cent of sales in the town were to people who already owned property there.
He said the number of listings had been down over the past year and only time would tell if the price growth would be sustained heading into summer.
This 326sq m block at 12a Grandview Pde, Barwon Heads is listed for $925,000.
“There will be more properties in the next month and that will be the biggest test the market has had in the last 12 months,” Mr Turner said.
Hayeswinckle, Drysdale agent Grace Borg said Drysdale’s popularity was reflected in increased numbers at open for inspections in recent months.
She said many houses were selling quite quickly for good prices.
SUBURBS WITH BEST MEDIAN PRICE GROWTH
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