Mount Macedon and Macedon have joined the million dollar club, with the median house price in both towns cracking $1 million for the first time.
The May median house value for Mount Macedon was $1,319,881 (up from $961,495 12 months ago) and $1,134,177 (up from $843,237) for Macedon, CoreLogic’s Million Dollar Markets report for June shows.
“The current upswing in the Australian housing market has produced some extraordinary results,” the report states.
“In the 12 months to May 2021, national dwelling market values increased 10.6 per cent, marking the highest growth rate since July 2010.
“The value of the national dwelling market hit a record high in January 2021, and has continued to hit a fresh record high each month since.
“The wealth effect of house value increases has likely been a key component of elevated consumer confidence, and Australia’s economic recovery from strict social distancing restrictions through 2020.”
Topping the million dollar markets list for Melbourne were Brighton, with a May median house value of $3,316,986 (up from $2,785,108); Deepdene at $3,168,364 (up from $3,804,921); Canterbury at $2,877, 330 (down from $2,914,204); Malvern at $2,834,558 (up from $2,577,509); and Portsea at $2,766,753 (up from $1,981,556).
Mount Macedon Realty director Lisa Fowler said it was only a matter of time before Macedon and Mount Macedon joined the million dollar club.
“People are waking up to the advantages of living on this side of Melbourne,” she said.
” It’s the gateway to the Grampians, Goldfields, there are emerging wineries that are starting to get a lot of recognition as well.
“There are a lot more things to do out this side of town, everyone used to swamp to the Mornington Peninsula, but we’re seeing a strong emergence in desire for people wanting to go bushwalking and enjoy nature, which we have an abundance of.”
Mount Macedon Realty recorded a sale of $5.5 million on Tucketts Road in Mount Macedon in the past year.
Ms Fowler said COVID-19 restrictions also saw more people exploring their home state and discovering the value of the region.
“COVID happens and people realise they can work from home and enjoy the area, not to mention the accessibility to the airport and CBD,” she said.
“There isn’t really a lot of subdivision like in Sunbury, that’s why the market is so tight.”
