Zoe Moffatt
The median house price in Lancefield has decreased 13.6 per cent in the last quarter and $211,000 in the 12 months to June, new figures reveal.
According to the latest Real Estate Institute of Victoria (REIV) data released on July 17, the median sale price for a house in Lancefield was $665,000, compared to $770,000 the previous quarter.
Mount Macedon also had a decrease of 12 per cent in the last quarter, bringing the median sale price to $1.29 million, from $1.46 million in the first quarter of 2023.
Ray White Romsey licensed real estate agent Joshua Reeves said numerous factors contribute to this decrease, with interest rates being one of the biggest.
“Wages have not increased so the amount that someone can spend and that the bank is willing to loan [is] fairly minimal, especially when compared to covid times,” Mr Reeves said.
“Buyers are also becoming more selective as to what they are looking at, and they are taking their time to be more cautious about what elements need to be in property to justify the price.
“Buyers who could once afford a higher bracket can no longer purchase at that height, thus meaning [they] are now trying to secure that property at a lower price where their budget now sits.”
Mr Reeves said he was surprised by the data following the strong growth in covid, but he said he thinks the market will bounce back.
“To see that the desirability has lessened is quite a shock,” he said.
“The trends are quite surprising, the whole region got hit quite hard with covid and buyers wanting to move into regional Victoria to make that tree change.
“[However] as the areas have more growth and more people look to relocate.. I do see the trend going on an increase.”
The median house price in Riddells Creek increased to $1.09 million in the last quarter, Romsey was $838,000, Kyneton was $905,000, Macedon was $1.3 million, and Sunbury was $680,000.
