Record-low interest rates are expected to further add to the appetite for property in Sunbury and the Macedon Ranges.
LJ Whorlow First National Sunbury manager Patrick Franklin said the Reserve Bank’s latest rate cut would benefit people buying and selling across the market.
But he said demand continued to outstrip supply, especially in central Sunbury.
‘‘Stock remains low,’’ he said.
‘‘When we do get listings, there’s certainly good competition and if the price is right they sell very quickly.’’
Real Estate Institute of Victoria (REIV) data shows the median house price in Sunbury rose 0.30 per cent in the March quarter to $370,000.
But in Kyneton, prices fell two per cent to $475,000.
Gisborne price rise
Median prices in Gisborne are nudging the $600,000 mark, climbing 1.40 per cent to $588,000.
Gisborne Real Estate director Janis Paul said rate cuts were always a good thing, especially for those buying their first home.
But she said sales had levelled out in recent months, with some people expressing concern about the July 2 federal election and negative gearing policies.
‘‘The first things to go are holiday homes and investment properties, so in an area like ours that can have quite an effect,’’ Ms Paul said.
‘‘But people have to live somewhere. If they’ve sold in another market they have to buy.’’
Brad Teal Real Estate’s John Dunlop said there continued to be huge demand for land in and around Gisborne.
‘‘A few new estates are coming on board and prices in some went up by close to 20 per cent last year, so demand is generally high,’’ he said.
REIV president Geoff White said the latest rate cuts would further boost confidence.
“Buyers currently have access to the lowest interest rates in the nation’s history, providing much-needed assistance to first-home buyers.”
