![The median house price in Warrnambool decreased by 1.7 per cent in the past quarter. The median house price in Warrnambool decreased by 1.7 per cent in the past quarter.](/images/transform/v1/crop/frm/379mw9XPZ7UFRqmwjWhGKkr/873dd6e5-b7a2-4ce8-9315-80d21c88af35.jpg/r0_219_4284_2637_w1200_h678_fmax.jpg)
Warrnambool's median house price has eased and the number of properties being sold for less than $600,000 is on the rise, according to a city agent.
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Brian O'Halloran and Co director Brian Hancock said he had seen a slight reduction in prices in recent months.
This aligns with new quarterly data from the Real Estate Institute of Victoria, which reveals the median house price in Warrnambool decreased by 1.7 per cent to $590,000.
"We've had our highs now and we're just going through a steady phase," Mr Hancock said.
"More and more properties are coming onto the market for less than $600,000, which we haven't seen for 12 months."
Mr Hancock said this made the market more accessible for first home buyers.
He said there was still strong demand for property in the city.
"I think Warrnambool will bounce along pretty well - we're in a bit of a safe haven here," Mr Hancock said.
The data also showed the city's median rent cost hit $500 a week.
Mr Hancock said this was due to supply and demand.
He said a number of investors had sold properties they had previously rented due to the growing number of regulations the state government was imposing on rental properties.
The median rent cost is the same as Geelong while Ballarat's median rent is $390.
Warrnambool's median weekly rent is higher than the regional median, which is $450.
Mr Hancock said he believed the state government needed to overhaul the rental system.
He said if more regulations were introduced, more investors would sell their properties.
REIV president Jacob Caine said there had been increases in house prices across Melbourne.
He said the quarter reflected the state's continued recovery, recognising a period of opportunity for both buyers and sellers.
"As expected, stability has continued into the latter half of 2023 with the quarter showing strong signs of recovery on property prices across Melbourne and regional Victoria. For buyers, this is a good time to enter the market after a period of some uncertainty," Mr Caine said.
"Sellers can feel confident to list and sell their properties as well, with consistent buyer demand.
"Auction clearance rates have been tracking above 70 per cent for almost all of 2023, with an average weekly clearance rate of 75 per cent year to date.
"With clearance rates high, we expect this growth is likely to continue over coming months and into 2024."
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