Median house prices in the Macedon Ranges soar to greater heights (original) (raw)
A three-bedroom house at 119 Outlook Lane, Gisborne, sold under the hammer for 840,000andtoppedtheowner’sreservepriceby840,000 and topped the owner’s reserve price by 840,000andtoppedtheowner’sreservepriceby40,000.
BUYERS from as far away as Sydney have driven median house price rises as high as 53 per cent in a year in the Macedon Ranges property market.
At the top of the winners list revealed in the valuer-general’s Victorian Property Sales Report was Mt Macedon.
The suburb recorded an $880,000 median house price after 53 per cent surge in values.
It was also one of the strongest performers across Melbourne for the period between the end of September, 2015, to September, 2016. Though there were only 10 sales, the minimum number advised for an accurate median by the valuer-general report.
SUBURB PROFILE: MT MACEDON
During the same time, prices increased in Gisborne by 18.9 per cent to 660,000,Lancefieldby17.4percentto660,000, Lancefield by 17.4 per cent to 660,000,Lancefieldby17.4percentto386,000 and Woodend by 13.7 per cent to $507,500.
Gisborne recorded the highest number of sales, with 82 houses sold.
SUBURB PROFILE: GISBORNE
A shortage of properties on the market is the main factor driving prices up in the Macedon Ranges, according to a local agent.
Raine & Horne Gisborne’s Robert Hall said there was a low supply of houses for sale in the area.
“There are just not enough properties for sale to meet the demand,” Mr Hall said.
“And those that are on the market are snapped up quickly by buyers willing to pay premium prices.”
Mr Hall said he believed the growing demand from cashed-up out-of-town and interstate buyers, including Sydney, for homes in the area contributed to the price hikes.
“These buyers are seeing value for money in this area,” Mr Hall said.
“Homes here are much more affordable than those in Melbourne.”
The availability of good infrastructure, including schools, shops and transport, was also a drawcard, as was the country lifestyle and larger block sizes, he said.
A three-bedroom house on a 4ha block ideal for horse enthusiasts at 119 Outlook Lane, Gisborne, was secured by a family who lived just around the corner, Mr Hall said.
Two bidders competed for the home that sold under the hammer for 840,000,afigure840,000, a figure 840,000,afigure40,000 beyond the owner’s reserve price.
The buyers, who plan to renovate the house, were attracted to the property’s amazing views of the Macedon Ranges, Mr Hall said.