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HOUSING values across the Yarra Ranges rose by more than 50 per cent in the past five years, with Lilydale and Mooroolbark leading the charge.
Units in Lilydale and Mooroolbark recorded particularly high median price increases - both areas topping the $350,000 mark.
The median price was a rise of more than 60 per cent in the past five years and 30 per cent in the past three years.
But they recorded rises of less than 10 per cent in the past year, reflecting a slowdown in growth.
Ray White Lilydale’s Joe Cascianelli said that as prices in inner suburbs continued to climb, people would increasingly look at the area.
“The strong growth over the past five years reflects the value for money you can get out here,” Mr Cascianelli said. “There will be slow growth for the next year, but over the next five years it will definitely grow strongly again.”
Despite strong growth over the five years, there were quarterly slumps in median prices in Healesville (9 per cent), Chirnside Park (1.4 per cent) and Mt Evelyn (3.5 per cent).
Most suburbs experienced the last quarter slowdown, with median prices for Lilydale and Montrose the biggest growers.
Rosier Real Estate sales executive Kevin Kaufman said Black Saturday bushfires and economic pressures had affected prices over the past two years in outer suburbs.
“I think prices will dramatically improve,” Mr Kaufman said. “More and more people are reaching out to this area, especially those attached to the city.”
Yarra Ranges Mayor Terry Avery said there were development plans for three-storey apartments in Mooroolbark.
He said the aim of consolidation was to help meet housing demand and ease prices, as well as meet the increasing demand for housing close to town.
COMMENT: The results show that Coldstream real estate has risen 55% over the past 5 years. The table shows similar results for all townships in the Yarra Ranges.
This is crazy!
How do we expect our children to buy a house, or even a unit, with these increases in prices. Renting is just as bad! The consequence of increasing house prices and rents will force our children to move away from this area leaving a gap in our workforce and an increase in council services to the elderly.
Our group, COLDSTREAM 2020 believes that releasing more land in the area will reduce land prices for the benefit of ALL!
Mario Galteri COLDSTREAM 2020
