![High demand remains for houses in Warrnambool and the south-west. File picture High demand remains for houses in Warrnambool and the south-west. File picture](/images/transform/v1/crop/frm/379mw9XPZ7UFRqmwjWhGKkr/9f5660f2-9d90-4c0b-9008-75080c53a0e6.jpg/r0_29_1101_648_w1200_h678_fmax.jpg)
Warrnambool's property market experienced a seven to eight per cent price decrease in 2022, but has remained fairly steady since, according to agent Lucas Wilson.
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The Wilsons agent said while there were slight fluctuations, with the latest CoreLogic data showing an 0.6 per cent increase in the past six months, the market had evened out.
"The correction had to happen on the back end of the rapid COVID-led boom led by the short supply of properties on the market and low interest rate environment and since then stock on market rising back to more normal levels combined with rising interest rates and the current cost of living pressures, we are simply seeing a fairly balanced market," Mr Wilson said.
He said the most in-demand price range was properties listed at between $500,000 and $700,000, while units priced between $350,000 and $400,000 were highly sought after.
"In the last few months we have also seen an increase in demand for properties in surrounding country towns like Mortlake and Terang, which had previously had a period of much slower movement," Mr Wilson said.
"Having said that, in many cases the demand has only come as asking prices have adjusted back to their respective market values."
Mr Wilson said the real estate business had a slightly higher number of listings than at the same time last year.
Warrrnambool's median house price sits at $580,000, while Koroit's sit slightly above this at $598,000.
Port Fairy's median house price is $850,0000.
Demand for Warrnambool property remains high, with the council revealing Warrnambool could have another 6900 homes by 2051.
Victoria has the largest annual population growth of all Australian states, and it needs more than two million additional homes by the 2050s.
Warrnambool's steady market appears to buck the trend of regional Victoria, with prices across the state falling 0.22 per in the past month.
In the past month, Warrnambool and the south-west experienced an 0.6 per cent increase in prices, while Ballarat had a dip of 0.5 per cent and Bendigo had a drop of 0.6 per cent.