By Esther Lauaki
Median house prices in Kyneton are up about 10 per cent according to the latest real estate figures.
New Real Estate Institute of Victoria data for the three months to June 30 reveal that median house price performance in regional Victoria outstripped Melbourne.
The median house price in Kyneton is $570,000, surpassing the state’s overall regional median of $419,500.
Medians across the Melbourne metro area dipped by 0.6 per cent to $840,000 this quarter.
REIV president Richard Simpson said despite lower auction clearance rates and fewer overall sales, some sectors of the market were still performing well.
“The best performing regional suburbs over the past three months were Wonthaggi, on the Bass Coast, where the median house price jumped 14.9 per cent to $309,000; Kyneton, in the Macedon Ranges, with a 10.7 per cent rise and Wallan, in Mitchell Shire, where the median increased by 10.5 per cent in the quarter to $484,000,” Mr Simpson said.
“The first-home buyers’ concession has been a boon for regional areas.
“A new entrant to the property market buying a house at the regional median will pay no stamp duty, while a first home buyer of an apartment in Melbourne at the median price would pay stamp duty of nearly $25,000.”
Unit and apartment median price in regional Victoria increased to $304,500.
