REIV flags outer suburbs action as Sunbury and Macedon Ranges begin slow start to “ripper” spring
SPRING is set for a slow start but it’s going to be a “ripper” season for home sellers in outer Melbourne areas such as Sunbury and the Macedon Ranges.
The Real Estate Institute of Victoria has noted that affordable outer Melbourne suburbs have had some of the strongest improvements.
Raine & Horne director Ken Grech said despite a late start more homes are coming on to the market — and achieving exceptional prices.
“It’s going to be a ripper season,” Mr Grech said.
This fits in with the Real Estate Institute of Victoria’s belief that the housing market is expected to deliver a solid performance this spring.
According to the REIV, auction numbers across Victoria will pick up following a moderate winter market with more than 800 scheduled for the past weekend and more than 900 this weekend. An average of 600 auctions were held each week during winter.
REIV chief executive Geoff White said the spring outlook pointed to solid market performance, particularly in the outer suburbs.
“The strongest areas in particular in terms of price and sales growth have been in middle and outer areas,” Mr White said.
“Buyers are keen to secure more properties in more affordable suburbs that are within easy access to the city centre.”
This has been happening for a long time in Sunbury and Macedon Ranges, according to Mr Grech.
“People have been moving out here for the lifestyle and good value for money,” he said.
“And there is easy access to Melbourne on train or freeway.”
A buyer from Balwyn recently snapped up a five-bedroom Castlemaine rock house on a 4ha block at 280 Mt Gisborne Rd, Gisborne. The property sold after auction for $1.3m.
The buyer was attracted to the home for its privacy and views to the city skyline and Port Phillip Bay, according to Mr Grech.
“The buyer had missed out on another property with similar views in Gisborne South a couple of months earlier,” he said.
SEE SUBURB PROFILE: GISBORNE
Househunters were aware the market was moving forward, Mr Grech added.
“They are taking advantage of the low interest rates and trying to beat the price rises while they can,” he said.
Mr White advised vendors to be realistic about their asking price and advised buyers should research their desired location closer to sale time to ensure they have the most accurate information.
Recently in Sunbury, parents of a young first-homebuyer on a snow holiday bid on her behalf and secured a four-bedroom house at 41 McEwen Drive.
About 40 people attended the auction, attracted to the well-presented house and location, Raine & Horne’s Robert Hall said.
The property sold for $375,000, within the owner’s expectations.
SEE SUBURB PROFILE: SUNBURY
Mr Hall anticipated a busy end to spring as new listings had begun to hit the market now.
A standout is a three-bedroom townhouse at 11/14-16 Rodney St, Gisborne, to go under the hammer on September 24 with a price guide of $460,000-$499,000.
The home is attracting interest from across Melbourne because of its presentation and proximity to the freeway, Mr Hall said.
In Woodend, a three-bedroom timber house on a 700sq m block at 21 Russell Ave was recently snapped up at auction for $281,000.
Brad Teal’s Julie Gloster said four bidders from in and out of the area pushed the price way beyond the vendor’s expectations.
The buyer planned to renovate the house which was in original condition, Ms Gloster said.
SEE SUBURB PROFILE: WOODEND
The market remains strong in the Macedon Ranges, according to Ms Gloster.
“This is the ideal time to list your property for sale,” she said.
“We were very busy right up to Christmas last year.”