OUTER MELBOURNE – Melbourne’s outer fringe real estate report (February 2020).
4th quarter property transactions across a collective of 7 popular Council Shires that surround the outer fringe of Melbourne grew by 7.1%* when compared to the same period in 2018.
At the same time the average median property value across all 7 Council Shires increased by 5.2%* to $560,000.
When you compare this to metropolitan Melbourne’s December 2019 median property value of $901,951 you can see why Melbournian’s are chasing better value further out.
The 7 Council Shires in this report, namely Greater Geelong City Council, Macedon Ranges Shire Council, Mitchell Shire Council, Moorabool Shire Council, Mornington Peninsula Shire, Murrindindi Shire Council and Yarra Ranges Council all neighbour the outer fringe of metropolitan Melbourne. Their close proximity to metropolitan Melbourne in addition to their regional ‘country lifestyle’ feel makes these outer laying regions popular real estate hotspots for consumers seeking affordable housing and weekend family retreats.
Of the 7 outer Melbourne Council Shires, Mitchell Shire immediately to Melbourne’s north, had the most affordable 4th quarter real estate median at $430,000.
At this level you could buy two homes and still be under Melbourne’s December 2019 median of $901,951!
An example of townships that that fall under the auspices of Mitchell Shire include Wallan (61km* from Melbourne’s CBD), Kilmore (75km* from Melbourne’s CBD) and Broadford (89km* from Melbourne’s CBD). The Hume Highway provides easy access to the region, train to and from Southern Cross Station is also a convenient and popular option for commuters.
Outer Melbourne Median Values, 4th Quarter 2019*
• Greater Geelong City Council $530,000*
• Macedon Ranges Shire Council $490,000*
• Mitchell Shire Council $430,000*
• Moorabool Shire Council $470,000*
• Mornington Peninsula Shire $742,500*
• Murrindindi Shire Council $450,000*
• Yarra Ranges Council $670,000*
To find out what your outer Melbourne real estate may be worth >> click here.
Ray White Rural Victoria recently set a new high for the Shire achieving above $1.4 million for a 52 acre lifestyle property at Clonbinane (just over 1 hour from Melbourne’s CBD). To view the property >> click here.
To learn more about outer Melbourne real estate please contact Jason Hellyer on 0403 043 571.
Ray White Rural Victoria is currently marketing ‘Warribaa’ a 50* acre country lifestyle north east of Melbourne. The property is located approximately 41* minutes from Melbourne’s Ring Road. To view the property >> click here.
*Data Source – Property Data Solutions Pty. Ltd. 2019, www.pricefinder.com.au, Domain’s Property Price Forecasts – February 2020 (Trent Wiltshire), Google Maps. Data compiled 18/02/2020 by Ray White Rural Victoria for period for Quarter 4, 1 October 2018 to 31 December 2018 and 1 October 2019 to 31 December 2019. Ray White Rural (Victoria) does not warrant the accuracy or completeness of the information contained in this report and any person using or relying upon such information does so on the basis that Ray White Rural (Victoria) accepts no responsibility or liability whatsoever for any errors, faults, defects or omissions in the information supplied.