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.
The seven council shires in this report, namely 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 laying regions popular real estate hotspots for consumers seeking affordable housing and weekend family retreats.
Of the seven outer Melbourne Council 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, train to and from Southern Cross Station is also a convenient and popular option for commuters.
Some 41 minutes from Melbourne's Ring Road, you’ll find Warribaa at 275 Spur Road, Clonbinane available with a price guide of $950,000. The property benefits from dual lane highway and sealed road access all the way to the front gate. Alternatively, regular V-Line rail services depart Wandong Station to Southern Cross Station.
Set on 20 ha of gently sloping country with wonderful balance of established native plantings and paddocks, Warribaa is the classic country lifestyle retreat.
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*
*Data Source – Property Data Solutions Pty. Ltd. 2019, www.pricefinder.com.au, Domain’s Property Price Forecasts – February 2020 (Trent Wiltshire), Google Maps. Data compiled 18/02/2020 by Ray White Rural Victoria for the period 1 October 2018 to 31 December 2018 and 1 October 2019 to 31 December 2019. Ray White Rural (Victoria) does not warrant the accuracy or completeness of the information contained in this report and any person using or relying upon such information does so on the basis that Ray White Rural (Victoria) accepts no responsibility or liability whatsoever for any errors, faults, defects or omissions in the information supplied.
