Cashed-up buyers fuel house-price growth

Cashed-up buyers moving from Melbourne have helped to fuel a surge in house prices in Kyneton and the Macedon Ranges over the past 12 months.
Prices in Kyneton have risen 12.7 per cent in a year to a median of $572,000. The previous 12 months’ growth was 8.2 per cent.
Woodend continues to be popular with home buyers. Its median house price has reached $735,000, a rise of 17.1 per cent in the past year.
Real estate agent Helen Jens, said she had noticed a change in the people buying in Kyneton.
“People moving into the area are much wealthier than before, no doubt about that. We are certainly getting people towards the end of their working life or already retired who have sold in Melbourne and are cashed up coming here,” she said.
“When I came back here six years ago, it was all first-home buyers; now not so much. We seem to be having a lot of older people moving to the area. It’s a desirable area to move to.
“Kyneton is becoming a professional community, with artistic people. The Macedon Ranges appeals to an enormously diverse group of people because of its proximity to the city.”
Macedon Ranges mortgage broker Peter Machell, of Mortgage Choice Woodend, said Kyneton was also popular with commuters.
“There’s land available, house price growth is 13 per cent, it’s on the train line to Melbourne and it’s a reasonably easy commute of about an hour,” he said.
“If you have a budget of $600,000 for a house, Kyneton can deliver that, whereas it’s a bit more difficult in Woodend, for instance.”
Mr Machell said Gisborne had been a “standout” performer in the past 12 months, with house prices surging by 16.9 per cent to a median of $780,000.

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