Property experts say the ‘‘come home’’ factor is one reason Gisborne has led regional Victoria in price growth for four-bedroom houses.
Latest Real Estate Institute of Victoria figures reveal the median price for a four-bedroom house in Gisborne, in the year to June 30, increased 8.8 percent to $608,000, the highest in the state.
Across Victoria, median prices for four-bedroom houses went up 4.9 per cent. Kyneton also made the top 10 most expensive regional centres for the financial year, with a four-bedroom median of $407,600.
Other towns performing well, but with less than 50 sales, were Woodend ($605,000) and Macedon ($590,000).
Dunlop Real Estate director John Dunlop said lifestyle and price were also factors behind the trend.
‘‘Gisborne is still a very attractive area,’’ he said. ‘‘The prices are very affordable; there’s been a lot of increase in development.’’
Mr Dunlop said while many people were moving upmarket from other areas in the Macedon Ranges, a growing number of buyers were returning to their roots.
‘‘A lot of the teenage kids who grew up here are now coming home, and getting a great house for $500,000 or $600,000.’’
Gisborne Real Estate director Janis Paul agreed.
‘‘We’re finding a lot of people were born and raised here, and want to come back and live in the area.’’
She said houses on the market priced close to $500,000 were selling quickly.
‘‘That’s the biggest turnover,’’ Ms Paul said. ‘‘You can still buy a property that’s quite nice for around $500,000, which you’d probably have to pay $650,000 for in outer areas of Melbourne.
‘‘Also Sunbury is running short of stock. Their properties are so cheap, they are turning them over literally overnight and a lot of people can’t get in.’’
Both Mr Dunlop and Ms Paul were hopeful of a strong local market this spring.
‘‘I’m very optimistic,’’ Ms Paul said. ‘‘There’s been a shortage of listings, but they are coming in now.’’