Property prices at Gisborne jumped 26.8 per cent in the year to September, new data released by Domain Group senior economist Andrew Wilson reveals.
Gisborne had the second-highest percentage jump across Melbourne’s west, behind Strathmore and ahead of Williams Landing and Aberfeldie.
The median price in Gisborne increased to $567,500, putting it ahead of many suburbs in the city’s west and south-east.
Domain’s figures follow Real Estate Institute of Victoria data, and shows median prices at Gisborne, Kyneton and Woodend performed particularly well in the September quarter.
Veteran agent John Dunlop, of Gisborne’s Brad Teal Real Estate, said lifestyle continued to be a major drawcard. The agency has had a strong spring, moving about three or four properties every week.
‘‘It’s been very busy. What we’re finding is many people are going for quality, as much as size,’’ Mr Dunlop said.
New estates in towns such as Romsey are also proving popular, with eight houses sold in one day during last month’s opening of the Lomandra development.
A lack of stock is being felt at Sunbury, but Mr Dunlop said things in the Macedon Ranges were unlikely to slow greatly in the lead-up to Christmas.
Gisborne Real Estate director Janis Paul said while there was plenty of interest in the Gisborne market, it was vital that houses were priced correctly.
‘‘If it’s not, they can sit there for what seems like forever,’’ she said. ‘‘The difference between asking price and actual sale price now is pretty close.’’
Ms Paul said houses priced at more than $600,000 were a lot harder to sell.
‘‘People have to remember we cannot ask Melbourne prices, because buyers will just go to Melbourne,’’ she said.
‘‘They will only pay so much for a lifestyle, especially if they’ve got to go an hour each way in traffic.’’
