Property Report July/August 2017
The period of June/July has seen a welcome increase in vendor activity, likely owed to the turning of the financial year. The main cause of this recent dip has been vendor apprehension. But as expected, buyers are in high number. Integrity encourages buyers to register their interest while they are looking so that they may be informed of upcoming listings, as properties under $500,000 continue to sell at lightning pace. Values in the Kinglake Ranges continue to grow, without a sign of depreciating. It was only 15 months ago that buyers came to the region because they had been priced out of the outer East and North East (Yarra Glen and Whittlesea). Now buyers actively seek to be in the area, owed to its connectivity, regional atmosphere, and the retention of larger blocks in beautiful settings. As the rail line from Mernda extends, it is likely that values will follow a true course, although access to amenities and services remains a constant detraction. It is important, for the image and value of our region, that properties be priced correctly. It is easy for agents without a local understanding of growth to undervalue properties, and vendors should make sure they are aware of what is selling.
Examples of recent sales provide a template for local price structures:
25 acres Farming Zoned land with ancillary in Murrindindi - $380k
5 bedroom on 850 sqm in Yea - $515k
3 bedroom on ½ acre in Kinglake West - $480k
1 acre Residential land in Kinglake West - $269k
2 dwellings on 20 acres in Toolangi - $825k
Purchaser Statistics are displayed in the accompanying figure.