The Victorian suburbs and towns where homeowners have won the property lottery if they bought more than five years ago have been revealed.

Bright’s median house price was turbocharged $765,000 — a mega 158 per cent — from just $485,000 to $1.25m between November 2017 and November 2022.

And Anglesea house owners are almost $1 million better off, with the landlocked Surf Coast town’s median shooting up from $745,000 to $1,692,500 during that time.

The four-bedroom house at 28 Camp Rd, Anglesea, is for sale for $1.775m.

Anglesea is locked in by national park and the sea.

The median house price in Somers, San Remo, Port Fairy, Trentham, Point Lonsdale and Barwon Heads have all also risen 100 per cent or more in five years.

Alexander’s director Regan Alexander said last year he sold a three-bedroom house at 7 Three Peaks Rise, Bright, for $1.175m, which the owners paid about $280,000 for new in 2010.

“Another listing at 6 Lachlan Court has only had one owner from when they built the property in 2004 and that’s now up to $1.275m, so that’s pretty decent indication,” he said.

PropTrack economist Eleanor Creagh said the pandemic was the key theme between the regional areas that had surged in price and popularity.

“With more people engaging in hybrid and remote working practices, people’s residential choice greatly increased and that entitled many to take interest in areas that previously may have been less convenient to live in,” she said.

The three-bedroom house at 7 Three Peaks Rise, Bright, fetched $1.175m.

The property at 83 Alexandra Ave, Somers, is for sale for $1.95-$2.145m. It last sold for $197,500 in 1997.

Great Ocean Road Real Estate Anglesea agent Paula Fowler said the town only had 3200 properties because it was surrounded by national park and the sea.

“So there’s no growth (in development),” she said.

“I think the ring road (around Geelong form Melbourne) also has played a big part in buyers wanting to be down here, and what Covid has shown to employees is you can successfully work from home and people are happy to travel a couple of days a week.”

Ms Fowler is selling a four-bedroom house at 28 Camp Rd, Anglesea, for $1.775m.

CoreLogic records show the block was bought for just $325,000 in November 2016.

The three-bedroom house at 6 Lachlan Court, Bright, is for sale for $1.275m.

“That was a little development site that was the site of the old primary school, so it was sold off to build a home, and the vendors are taking advantage of the buoyant market,” she said.

The house at 28 Reardon St, Port Fairy, is for sale for $1.29m-$1.35m. It last sold in 2010 for $340,500.

Blairgowrie homeowners have been some of the biggest winners on the Mornington Peninsula in terms of percentage boost, with a 99 per cent gain from $855,000 to $1.7m.

Fletchers Mornington Peninsula director Josh Callaghan also cited Covid as the main factor in the huge price growth, as buyers sought lifestyle and luxury during two years of lockdowns.

“That velocity of lifestyle buyers really lifted the marketplace,” he said.

“A lot of people fast-tracked plans to move down here, they might have been planning to do so in five years and then a lot of people brought that forward, we’ve had the flow increase each year but it was most dramatic over that Covid period.”

Mr Alexander said Bright’s popularity was also heightened throughout the pandemic and was now a year ‘round weekend destination, when it was previously much more seasonal.

Suburb, 1/11/2017, 1/11/2022, % growth in median house price

Source: PropTrack

Top 10 suburbs with the most growth in five years for properties with a median above $1m this year. Minimum 30 sales for a suburb to be included

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