We’re delighted to introduce the first Ray White Regional Report, providing unparalleled insights into Australia’s regional residential property markets. As the nation’s leading real estate group, Ray White has an unmatched depth of data and expertise when it comes to property sales across regional Australia.
This inaugural report leverages Ray White’s extensive data on property transactions across the country to offer a comprehensive overview of regional markets. The report examines key trends and market performance in Australia’s diverse regional locations.
Chief Economist
P R I C E S
Regional Victoria sits in the middle of the pack in terms of house prices, recording a geometric mean house price of $587,191 in the most recent fiscal year ending 2024. This represents a significant increase from past years,
being 104.2 per cent higher than a decade ago, 57.1 per cent higher than five years ago, and 3.2 per cent higher than just 12 months ago.
In terms of price growth, regional Victoria is the third fastest-growing region among the six states, trailing only regional New South Wales and regional Tasmania. House prices in regional Victoria have increased each year over
the past decade, with the sole exception of 2022/23, when prices dropped by 2.2 per cent. Still, this decline followed a substantial 17.3 per cent increase the previous year.
The five most populous SA3s in this region are Geelong, Ballarat, Bendigo, Surf Coast – Bellarine Peninsula, and Latrobe Valley. Each of these areas offers a unique snapshot of the broader trends shaping regional Victoria’s real estate market. Geelong stands out as the largest SA3 in regional Victoria, boasting a population of 219,258. This figure is almost double that of the runner-up, Ballarat, which has a population of 120,658, and more than double that of Bendigo, which has 104,883 residents. The Surf Coast – Bellarine Peninsula follows with a population of 99,285, while Latrobe Valley is the smallest of the five, with a population of 78,004.
When it comes to house prices, the coastal region of Surf Coast – Bellarine Peninsula is the most expensive among the five SA3s, with properties valued at over $1 million. The popular tourist destination has also experienced the largest 10-year growth rate at 111.5 per cent.
In contrast, the major coal mining region of Latrobe Valley is the most affordable, with a geometric mean house price of $434,724. Despite its lower prices, Latrobe Valley has seen substantial growth, with prices increasing by 110 per cent over the past decade and 73.6 per cent over the last five years.
Inland cities Ballarat and Bendigo have similar house prices, with geometric mean values of $585,312 and $575,494, respectively. Geelong falls in the middle of the price spectrum, with a geometric mean house price of $749,459.
Sales volume rankings align closely with population rankings. Geelong, the largest SA3, recorded 3,151 transactions in the fiscal year 2023/24. At the other end of the spectrum, Latrobe Valley, the smallest SA3, recorded 1,311 transactions. Notably, Latrobe Valley was the only SA3 among the five to see positive sales growth over the past decade.
Collectively, these five SA3s account for 40 per cent of all sales in regional Victoria. Geelong alone contributes a significant 12 per cent to the region’s total sales, underscoring its dominant position in the market.
Disclaimer – this general information is provided in good faith from Ray White Chief Economist, Nerida Cronisbee. We recommend you contact your authorised financial planner for information pertinent to your individual requirements.
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