Powered by MOMENTUM MEDIA
realestatebusiness logo
Powered by MOMENTUM MEDIA

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Melburnians eye up shires for better value

25 February 2020 Staff writer
Melbournians eye up shires for better value

As the property price continues to rise in Melbourne, more people have looked to nearby shires to set their roots.

The population in seven council shires in Melbourne’s outer fringe grew by 7.1 per cent last year, and the median property value in those areas increased by 5.2 per cent to $560,000, Ray White’s Jason Hellyer said.

“When you compare this to metropolitan Melbourne’s December 2019 median property value of $901,951, you can see why Melburnians are chasing better value further out.”

The seven shires are still close to the metropolitan Melbourne area while being able to give people the regional “country lifestyle” feel for those seeking affordable housing or weekend family retreats, he said.

Advertisement
Advertisement

“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.”

The seven shires and their median values in the December quarter are:

  • 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
Melburnians eye up shires for better value
melbourne farm reb
lawyersweekly logo
FROM THE WEB
Recommended by Spike Native Network

Why we’ll keep delivering for our communities in the face of COVID-19

alex

As Australia tries to keep pace with a rapidly changing business and social landscape in the wake of COVID-19, Momentum Media is leading the way delivering essential content to our communities, writes Alex Whitlock, director of REB.

Read more
Do you have an industry update?
REAL ESTATE BUSINESS NEWSLETTER
Ensure you never miss an issue of the Real Estate Business Bulletin. Enter your email to receive the latest real estate advice and tools to help you sell.