Median house prices for sections of Lake Wendouree have outperformed areas of Melbourne for the last financial quarter, according to Real Estate Institute of Victoria data.
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Recent REIV findings show the suburb has experienced significant price growth of more than 25 per cent over the year.
Prices for the June quarter saw the Lake Wendouree median measured at $780,000, with median prices for metropolitan Melbourne recorded at $725,000.
A written statement from REIV chief executive officer Geoff White to The Courier in July said “the median price for a suburb is the midpoint of the list of all sales there reported to the REIV”.
“These prices are calculated quarterly, so local price movements can be tracked,” the statement read.
Mr White’s statement said many factors are taken into account when determining a house’s value.
Ballarat East, Canadian, Cardigan Village and Lake Gardens experienced minor median gains last quarter.