Kyneton property market booms


By Oliver Lees

Kyneton house prices have soared in the three months to June, according to data released by the Real Estate Institute of Victoria (REIV).

The data reveals a 10.2 per cent increase in the median house price in Kyneton, almost in line with the 10.5 per cent increase in regional Victoria for the three months to June .

The median sale price for a residential property in Kyneton was $755,000 for the June quarter, up from $685,000 for the first three months of the year.

This is well above the median sale price across regional Victoria, which was $560,000 in June.

Raine & Horne Kyneton sales manager Jennifer Pearce said there had been unprecedented demand for houses in the Macedon Ranges.

“People are attracted to our lifestyle, our schools, we’ve got great hospitals, I think people come here just to breathe the fresh air,” Ms Pearce said.

“All our agents are short of listings at the moment. There are so many buyers and because of this it’s driving prices up.

“People are spending above the asking price because of fear of missing out.”

Ms Pearce said COVID-19 restrictions hadn’t dinted people’s willingness to buy.

“I’ve sold two properties sight unseen,” she said.

“We’ve had professional videos made so people can tour the property. Once I did a FaceTime from inside the property where I was showing the buyer inside the cupboards and turning on taps.

“We’ve moved auctions on to Zoom as well. Bidders register online, they log on with a link, and then people put their hands up to bid.”

Elsewhere in the Macedon Ranges, Woodend’s median sale price climbed 6.5 per cent to $932,000 in the three months to June.

Macedon jumped into the million dollar club with a 9.8 per cent increase that brought the median sale price to $1.13 million for the same period.

REIV president Leah Calnan said the figures confirm that more Victorians are considering the benefits of a regional lifestyle.

“We know that COVID-19 has created flexibility in employment arrangements and hybrid working models are allowing people to set their property sights beyond Melbourne. It’s also true that there are plenty of investment opportunities in regional areas,” she said.