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Regional & Rural Market Review

Regional & Rural Market Review – Quarter 2, 2021

High demand and limited availability are driving property prices to record levels.

If you were considering selling, particularly within an hour or so of Melbourne, data would suggest now may be the optimal time to do so.

Buyer demand for country and coastal lifestyle property on the outskirts of metropolitan Melbourne and across regional Victoria is at unprecedented levels, driven largely by the coronavirus pandemic.

The ABS (Australian Bureau of Statistics) said a net 43,000^ Australians moved to regional areas from capital cities in 2020, with Melbourne witnessing the largest exodus. That is more than double the number in 2019.

“We simply have more buyers than sellers right now” said Jason Hellyer, Director of Ray White Rural Victoria, “and that limited availability of property, coupled with high buyer demand, is driving property pricing to levels we’ve not witnessed before”.

In the second quarter of 2021 the median price for residential* property across the 8 Council Shires surrounding metropolitan surged by 12.6% to $690,219*

“We conducted an online auction for a 1950’s residence at Kyneton on Sunday which attracted 13 active bidders. The price guide for the property was $800,000 to $850,000, it opened with a cheeky bid of $660,000 and after 67 bids sold under the hammer for $1,141,000. An amazing result driven by overwhelming demand”, said Mr. Hellyer.

Kyneton is a growing regional hub located 87km` north-west of Melbourne’s CBD and is the second largest township within the Macedon Ranges Shire. With 257 property transactions for the second quarter of 2021, transactions in the Macedon Ranges Shire were slightly down on the first quarter however the median price for residential property rose by $87,841 to $785,000*. Demand for property in the 5 to 40 hectare “country lifestyle” segment is also exceptionally strong, mostly driven by families leaving Melbourne’s restrictive lockdown environment in pursuit of freedom and open space. 40* properties in the 5-to-40-hectare segment changed hands in the Macedon Ranges Shire in the second quarter of 2021 at an average sale price of $1.245* million.

“Why settle for a house on 1000m2 in regional Victoria when you can buy something on acreage for similar money to Melbourne’s current median price”, said Mr. Hellyer.

Of the 8 Shires surrounding Melbourne, the Shire of Murrindindi, featuring the townships of Alexandra, Taggerty and Marysville, recorded the largest Q2 spike in residential median growth at +20.6% to $525,000*.

Source: ^ABS Media Release 4/5/2021, *Report compiled by Ray White Rural Victoria 19/8/2021 using Property Data Solutions Pty Ltd © Ray White Rural Victoria. `Approximately.

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