Zoe Moffatt
Woodend’s median house prices have increased 7.7 per cent in the last quarter, tipping the median price over the million dollar mark for the first time in more than five years, new figures reveal.
Real Estate Institute of Victoria (REIV) data released in mid-January, showcases the increase of $75,000 for a $1.06 million median price in the 12 months to December.
Ray White Kyneton real estate agent Nathanial Briggs said Woodend is a somewhat tightly held and desirable location.
“It’s always had a high level of traction,” he said. “There’s fewer properties for sales which creates good competition.
“I sold a property in Woodend within four weeks for $1.83 million and had it significant interest.”
Further north, Kyneton’s median house prices recorded a 4.4 per cent drop in the last quarter and $37,000 in the 12 months to December.
Mr Briggs said this shows it’s a good time to buy in Kyneton right now.
“[I’m] not surprised by the Kyneton data, we saw a large [amount of] properties sell in Kyneton, [however] a number took some adjustment in price.”
With the cost of living impacting residents throughout 2023, Mr Briggs said they saw his impact at the bottom of the market.
“We’ve seen an effect on the lower end of the market and first home buyers [and] investment properties.
“Our upper end market seems to have been very steady in 2023… because they’re quite cashed up anyways.
“I think Macedon Ranges is always going to be very desirable [and] I suspect the market will continue to grow.”
Another trend Mr Briggs said he noticed last year was the slow down of properties that need renovation, with those that did sell taking a downward adjustment in price.
“Vacant land was very stagnant in 2023 [as well], and it’s marginally started to pick up. We’ve seen more inquiries and sales in the back end of 2023.
“Concern around building and getting a builder… the costs… volume builders and the uncertainty has contributed to the stagnant levels on [purchasing] vacant [land].”
Across regional Victoria recorded a stronger performance, increasing its median house price by 1.7 per cent to $616,000.
The median house price in Riddells Creek increased to $1.18 million in the last quarter, Romsey’s was $790,000, Lancefield’s was $685,000, Macedon’s was $1.23 million, Mount Macedon’s was $1.44 million, Gisborne’s was $1.05 million and New Gisborne’s was $890,000.
In metro Melbourne, REIV reported a downward trend with a median house price of $909,000, falling by 2.2 per cent.
The median house price in Sunbury mirrored the trends in metro Melbourne and fell by 2.2 per cent, to a price of $648,000.
