Central Victorian agents say they are seeing house prices rise in their areas, which they think is caused by an increase in buyers from Melbourne.
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The median house price in Victoria showed a 8.8 percent increase in the twelve months from March 2017 to 2018.
In country Victoria house prices increased by an average of 7.5 percent.
Heathcote and Castlemaine are two prime examples of this trend, but agents elsewhere say they have also seen a rise.
In Heathcote house prices increased by 27.2 percent between the first quarters of 2017 and 2018. This brought the median house price to $369,000 in the first quarter of 2018.
In Castlemaine the percentage change was 18.8 percent. Here the median house price was $380,000 for the first quarter of the year.
Heathcote agent Anita Connally said she seen the longer term trend towards increasing house prices, which has become more marked in the last two or three years.
She has seen an increase in demand for all types of properties, small acreages, large acreages and homes in town.
Ms Conally said this could possibly be to do with high market values in Melbourne, but also attributes the rise in value to new facilities developing in Heathcote, such as a hospital and childcare.
She said Heathcote’s central location makes it desirable for many buyers, who want easy access to the rest of Victoria.
“We’re certainly seeing more buyers from the northern suburbs and also areas like Sunbury, Kilmore, Wallan, all seem to be wanting to come further out into the country,” she said.
“It’s certainly far more affordable than the areas they’re currently living in.”
Kyneton agent Jennifer Pearce said she has seen an increase in Melbourne buyers since the freeway was completed in 2003.
Ms Pearce said the profile of buyers has changed in that time. Where once properties very tightly held, by older people in her parents’ generation, she has seen more families in their 30s moving to Kyneton.
“People have more money to spend out here, so they can sell a unit in Melbourne and come out here and buy a lovely country home,” she said.
“They think we’re cheap here, that’s what’s putting the prices up.”
Elspeth Kernebone
Accident brought me to journalism, but every day convinces me again that strong media is more important than ever. After a starting off as the sole reporter in a tiny NSW town, I’m loving the teeming metropolis that is Bendigo. Focussed on health, business and education. Got a tip? Email elspeth.kernebone@bendigoadvertiser.com.au.
Accident brought me to journalism, but every day convinces me again that strong media is more important than ever. After a starting off as the sole reporter in a tiny NSW town, I’m loving the teeming metropolis that is Bendigo. Focussed on health, business and education. Got a tip? Email elspeth.kernebone@bendigoadvertiser.com.au.
