*this article was previously published in the March 2018 Midland Express Newspaper
Continued growth in Melbourne has added to the attraction for home buyers to seek out more affordable accommodation in regional locations.
The allure of Kyneton as a viable destination for property investors is evident, not just due to the incredible array of resources and services on offer, but by the limited supply of properties currently available on market.
Ask any agent in the area and they will all tell you the same thing: the demand is high and the stock levels are low.
The latest CoreLogic Property Data price data, as of 19 February 2018, shows that the median house price in Kyneton has increased to $507,000, a more than solid home price growth for the region.
Data from realestate.com.au shows that Kyneton is a high demand market with around 686 unique visits per property listing per month on their website, compared to the Victorian average of 894 per property listing.
This interest in Kyneton has supported the increase in property prices and it doesn’t look to be cooling. Melbournians chasing value for money are driving property price growth in the state’s commuter towns, with the Macedon Ranges seeing an increase in growth of around 20% in the last decade.
Greater infrastructure and investment commitments for regional Victoria have enhanced the desirability of these areas for buyers, particularly the improved road and rail services.
Homeowners are thriving in this seller’s market. Properties are selling quickly and at record prices. Competition to buy in Kyneton means that listings are moving at record rates.
For sellers wanting to downsize, they are in a great position to sell their homes at a profit and free up funds for their retirement or boost their cash reserves.
Predictions for the property market are that it might cool in 2018 so it’s a great idea to take advantage of pent-up demand while you can.
For more property insights, head to jenniferpearce.com.au