Home buyers flock to the Macedon Ranges

House prices in Gisborne, Kyneton and Romsey are expected to grow solidly over the next few months after a strong finish to last year.

Latest Real Estate Institute of Victoria (REIV) figures reveal that median prices in regional areas (up 2.2 per cent in the December quarter) outstripped those in metropolitan areas (down 0.1 per cent).

Prices in the Macedon Ranges were no exception, with the median in Gisborne South climbing 27.1 per cent for the year to $937,500. The median in New Gisborne rose 14.8 per cent to $582,500.

Prices in Gisborne went up nine per cent in 2015 to $583,750, Kyneton increased 12.7 per cent to $487,500 and Romsey 11.1 per cent to $438,750. Going against the trend was Lancefield, where the median fell 8.1 per cent to $414,500, although fewer than 50 sales were recorded last year.

REIV chief executive Enzo Raimondo said there was a definite trend, with Melbourne buyers looking farther afield for value, space and liveability.

‘‘The Macedon Ranges offers all three,’’ he said. ‘‘At $560,000, the median house price in the Macedon Ranges is significantly lower than the Melbourne median of $718,000.

‘‘This places the location easily within commuting distance of Melbourne, at the top of the wishlist for many.’’

Mr Raimondo said house values in the Macedon Ranges, along with suburbs of Geelong and towns on the Bellarine Peninsula, had grown significantly in recent months.

‘‘With this trend under way, it is likely that house prices will continue to grow solidly in the first half of this year,’’ he said.

RT Edgar Gisborne director Rick Lander said the Macedon Ranges was becoming one of the state’s property hotspots. ‘‘We deal with a lot of people from the northern suburbs, and what they can buy down there isn’t much by comparison.’’

He said buyers were interested in cottages, Victorian homes and lifestyle properties.

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