LAKE WENDOUREE median house pricing is rapidly rising, a quarterly report from the Real Estate Institute of Victoria has shown.
REIV results for the quarter of June show that Lake Wendouree, Newington and Wendouree median prices are soaring.
Lake Wendouree’s prices soared a massive 14.7 per cent, with the median listed at $780,000.
Newington median prices rose 5.5 per cent to a June median of $355,500, while Wendouree prices rose two per cent to a median of $255,000.
A written statement from REIV chief executive officer Geoff White 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.
Meanwhile, Ballarat East, Canadian, Cardigan Village and Lake Gardens suburbs experienced minor median gains for the quarter.
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