Melbourne residents are chasing value a little farther afield, with council areas on the city’s outer fringe enjoying recent growth.
Jason Hellyer of Ray White Victoria said there were seven council shires in Melbourne’s outer fringe which grew by 7.1 per cent when compared to the same period in 2018.
At the same time the average median property value across all seven council shires increased by 5.2 per cent to $560,000.
“When you compare this to metropolitan Melbourne’s December 2019 median property value of $901,951 you can see why Melbournians are chasing better value further out,” Mr Hellyer said.
The seven shires, which include Greater Geelong City Council, Macedon Ranges Shire Council, Mitchell Shire Council, Moorabool Shire Council, Mornington Peninsula Shire, Murrindindi Shire Council and Yarra Ranges Council, all neighbour the outer fringe of metropolitan Melbourne.
“Their close proximity to metropolitan Melbourne in addition to their regional ‘country lifestyle’ feel makes these outer-lying regions popular real estate hotspots for consumers seeking affordable housing and weekend family retreats,” Mr Hellyer noted.
Of the seven shires, Mitchell Shire immediately to Melbourne’s north, had the most affordable December quarter real estate median at $430,000.
“At this level you could buy two homes and still be under Melbourne’s December 2019 median of $901,951.”
An example of townships that fall under the auspices of Mitchell Shire include Wallan (61km from Melbourne’s CBD), Kilmore (75km from Melbourne’s CBD) and Broadford (89km from Melbourne’s CBD).
“The Hume Highway provides easy access to the region, while train to and from Southern Cross Station is also a convenient and popular option for commuters,” Mr Hellyer said.
Outer Melbourne Median Values, December quarter 2019
- Greater Geelong City Council $530,000
- Macedon Ranges Shire Council $490,000
- Mitchell Shire Council $430,000
- Moorabool Shire Council $470,000
- Mornington Peninsula Shire $742,500
- Murrindindi Shire Council $450,000
- Yarra Ranges Council $670,000