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.
“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