House prices across Victoria reached their highest in 17 years last month, with property values in Sunbury and the Macedon Range following the statewide trend.
The latest data from CoreLogic revealed that Australian and Melbourne home values surged 2.1 per cent higher in February – the largest month-on-month change in CoreLogic’s national home value index since August 2003.
The data also revealed that Macedon Ranges property values increased by 2 per cent in February, 3.5 per cent in the last quarter and 1.8 per cent over the past 12 months.
The median property value in the Macedon Ranges is more than $800,000.
In Sunbury, home values have also surged over the past month, with a 1.9 per cent increase.
In the last quarter, Sunbury house values increased 3.4 per cent and 1.8 per cent, with a media property value of more than $594,000.
CoreLogic research director Tim Lawless said Melbourne’s outer west was one of Melbourne’s most affordable markets.
“Housing values were up 2.8 per cent across Melbourne’s outer west over the three months ending February, which was a slightly softer growth rate than the broader Melbourne average which recorded a 3.5 per cent lift in values,” he said.
“However the past 12 months has seen housing values rise at a faster pace than the broader Melbourne average, up 2.5 per cent.
“With a median dwelling value of $608,840, it’s also one of Melbourne’s most affordable markets.
“With first home buyers so active and flexible working arrangements becoming more popular, affordable detached housing markets around the outer fringes are in high demand.”
Mr Lawless said the divergence between metro and regional housing demand in Victoria and New South Wales was more substantial than in other states.
“Internal migration data shows more people are leaving Melbourne and Sydney for regional areas, resulting in a transition of activity from the metro regions to the outer fringe and regional markets,” he said.
“Better housing affordability, an opportunity for a lifestyle chance and lower density housing options are other factors that might be contributing to this trend, along with the new found popularity of remote working arrangements.”
