Real Estate

CoreLogic Pain and Gain: Macedon Ranges real estate ‘bulletproof’

Written by The ReReport
As seen in the Source link, written by couriermail.com.au on 2019-09-30 23:52:16

1438 Riddell Road, Riddells Creek in the Macedon Ranges sold for $1.1 million.

Macedon Ranges real estate has been branded “bulletproof” following new figures showing not a single seller lost money on a deal in the first six months of this year.

CoreLogic’s latest Pain and Gain report reveals the municipality is the only one in Melbourne to record a profit across all sales from January 1 to June 30.

While a Melbourne-wide market correction has seen many homes lose value, every seller in the ranges sold for more than they paid for their home.

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But the level of profit has slipped, with the new figures showing half the council region’s home sellers pocketed at least $338,750 in the last three months of the financial year.

From January to March they made at least $430,000.

CoreLogic senior data analyst Tim Lawless said the figures likely reflected how tightly held the region was.

“(And) we have seen some resilience across the most affordable end of the Melbourne property market, supported by a surge in first-home buyers taking advantage of stamp duty concessions and improvements in housing affordability,” Mr Lawless said.

“A lot of first-home buyers are looking towards those regional hubs where they can still commute into Melbourne.”

11 Sansom St, Gisborne sold at auction for $554,000, well above its $490,000 reserve in May.

Raine & Horne Gisborne director Ken Grech said the figures were “100 per cent” right.

“We have been a little bit more bulletproof compared to Melbourne,” Mr Grech said.

“Most of the people we sell for here are interchanging in the area, but we also have the Melbourne market coming out here. We have the best of both worlds.”

Further CoreLogic figures show median house prices had continued to grow in every Macedon Ranges suburb and town over the past year.

Acreage properties are also proving popular in the Macedon Ranges, including 1438 Riddell Rd, Riddells Creek

Kyneton was the region’s top performer with more than 30 sales.

Its median house price jumped $65,000 (12.6 per cent) to $580,000. Woodend was also a top performer, up $78,000 (12.5 per cent) to $700,000.

“It’s still quite good, it’s just not at the frenzy it was at its peak,” Mr Grech said.

A mix of acreage, new homes and township properties are all attracting interest.

The latest Pain and Gain report also showed strong figures for the City of Hume, which includes Sunbury.

13 O'Reilly Court, Sunbury, attracted multiple bidders at auction recently.

13 O’Reilly Court, Sunbury attracted multiple bidders at auction recently.

Across the three months ending June 30, almost 97 per cent of that region’s homesellers made a profit — half of them collecting an at least $270,000 median windfall.

YPA Sunbury director Patrick Kilkenny said while he agreed 97 per cent of homes in the suburb would be selling at a profit, the more affordable prices in the area meant most owners were pocketing slightly less than $270,000 there.

6 Gowrie Court, Sunbury, sold for $521,800 with multiple offers earlier this month (1)

6 Gowrie Court, Sunbury sold for $521,800 via private treaty with multiple offers earlier this month.

Mr Kilkenny said he believed home sellers would achieve strong results this spring with most homes attracting one or two offers if sold privately and auctions up to four bidders.

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Homes in the $500,000-$600,000 price range with three or four bedrooms and a second bathroom are in the highest demand at the moment.