The median house price in Kyneton has increased 10 per cent in the last quarter and $182,000 in the 12 months to December, new figures reveal.
According to the latest Real Estate Institute of Victoria (REIV) data released in mid-January, Kyneton added $100,000 to its median house price, topping out at $1.04 million.
Ray White Kyneton real estate agent Nathanial Briggs said while Gisborne and Woodend median house prices had experienced a drop – down 2.6 per cent and 3.4 per cent respectively – Kyneton’s prices had held steady.
“Kyneton offers a lot in terms of its character, culture and the restaurants. The food scene really pulls interesting buyers from Melbourne,” he said.
He explained it was particular styles of homes people were interested in: lifestyle properties, small acreage of anything between one and 10 acres, larger properties over 100 acres, and inner Kyneton “character homes”.
“I think [prices] will hold quite well. Kyneton is the last to drop in terms of price, and the first to rise,” Mr Briggs said.
“As we see in the push of Melbourne in the northern corridor, [with] proximity to Melbourne and the airport, it is still really appealing to the Melbourne-based buyer.”
As well as an increase in house prices, rental costs in Kyneton have increased too – The Rental Affordability Index (RAI) report released in December classified Kyneton and Woodend as ‘unaffordable’ places to rent.
Unaffordability is classified by the RAI as when a household spends between 30 to 38 per cent of its income on rent – the report said rental affordability in regional Victoria had reached a historic low.
Mr Briggs said he’d seen rents move in an upwards direction, with low vacancy rates in the area.
REIV president Andrew Meehan said the “post-COVID real estate boom” placed Victorian house prices in a strong position.
“[It’s] a trend we continue to see across numerous suburbs in metro Melbourne and our regional areas,” he said.
“Now, as we enter the new year and the immigration levels return, we will no doubt see continuous demand in the market as Melbourne’s population grows and investors see strong potential for growth in our state.”
