With modest housing price changes across Victoria this quarter, Sunbury and Macedon Ranges experienced varied price shifts.
According to the Real Estate Institute of Victoria’s (REIV) median prices for the quarter ending September 30, Macedon Ranges prices were a mixed bag.
New Gisborne prices rose by 7.7 per cent and Macedon prices by 3.7 per cent, while Mount Macedon prices lowered by 6.6 per cent.
Macedon had the highest median property price in Macedon Ranges of $1,250,000, closely followed by Mount Macedon at $1,205,000.
Mount Macedon Realty director Lisa Fowler said this quarter’s price drop in Mount Macedon can be attributed to a price correction.
“It is no reflection on our region, it is more a result of the significant hike that we experienced during covid. We spiked incredibly over the covid period … the six per cent drop now is just a correction back to pre-COVID days,” Ms Fowler said.
She said the suburb is still seeing plenty of attraction from Melbourne buyers due to its proximity to a train line to Melbourne and that it is a 35-minute drive from Melbourne Airport.
Diggers Rest houses dropped in price by 1.9 per cent, with a rental yield growth of 4 per cent.
Raine and Horne Diggers Rest office manager Dean Clements said the suburb attracts buyers for its low prices and proximity to the airport and Melbourne CBD.
“It’s probably one of the last remaining suburbs where you can still actually buy a house under $600,000 on a … block size of about 600 square metres … with about a 15 minute drive or less to the Melbourne Airport,” Mr Clements said.
“Plus, the infrastructure is starting to take place,” he said.
Sunbury prices grew by 1.7 per cent, with a median house price of $681,250.
According to REIV, outer Melbourne units and apartments showed considerable growth for the third consecutive quarter, increasing by 0.6 per cent to a median price of $603,000.
