Location, value and access to essential services have driven a property boom that led to Kyneton recording regional Victoria’s largest capital growth over the past five years.
New Real Estate Institute of Victoria data reveals the town’s median house price increased 39 per cent from $335,000 in September 2010 to $466,000 by September last year.
House prices in Geelong went up 37 per cent in the same period to $577,500. Growth was also strong in Benalla ($259,500) and Bendigo ($371,000), both up 33 per cent.
Jan McColl, managing director of Kyneton- based McColl Property, said there had been a lot of interest in property in the area, especially at the lower end of the market.
‘‘It certainly continues to be strong for the right properties,’’ she said.
‘‘Proximity to Melbourne, value for money, the availability of services and the fact Kyneton is on the train line all plays into it.
‘‘The comparison to Melbourne prices is also a factor, as is demand and supply … there’s not a lot of properties available.’’
Ms McColl said buyers were typically split between Melbourne home owners attracted by lower house prices and those moving from other towns in the Macedon Ranges and country Victoria.
She said it was difficult to predict if growth was set to continue, with uncertainty in some areas of the global economy.
‘‘But even with those figures, there’s been a bit of a dip and a revival in that time.’’
Ms McColl said the local market had been travelling well this summer, despite fewer houses being on the market.
