Melbourne’s northern suburbs are particularly sought-after
The Victorian Real Estate Sales Report shows that South Morang is the site of construction in the northern suburbs of Melbourne, where buyers have pushed the median price of open space to rise from $167,500 in December 2017 to $415,000 last year. Justin Sciola, sales consultant at Harcourts Rata & Co, said that the rail line that will extend to the Catholic colleges of Mernda and Marymede is the main reason for the rise in land prices. Last year, the median land prices of Doreen, Mernda and Wollert also rose, probably because of the Middle Gorge, Hawkstowe and Mernda stations that were put into use last year. He said that every quarter, the price of open space may fluctuate greatly. These fluctuations are mainly affected by factors such as the area of land sold and the number of plots for sale on the market.
He said: “This is just a question of supply and demand. In some areas, there are many plots that are not listed. It is not enough to make buyers interested. When people can buy ready-made houses directly, the price of these plots will be affected. Since it is possible to buy something that has already been built, why buy a block of land? From December 2017 to December 2018, the median price of vacant land in Epping fell from $315,000 to $275,000. Sunbury’s land price rose 36.1% year-on-year to 382,500 yuan, Diamond Creek land price rose 15.7% to 482,000 yuan, and Craigieburn rose 10.5% to 359,000 yuan. In the Macedon ranges, Kyneton rose 88% to $415,000, Lancefield rose 37.9% to $200,000, Woodend rose 34.8% to $380,000, and New Gisborne rose 11.8% to $285,000. Since the settlement of sales and the reporting of some settlement-related data may take up to 120 days, some sales data may not be announced until the next quarter.
Leah Calnan, vice-president of the Victorian Real Estate Association, said that the fastest growing suburb of housing prices is Melbourne’s outer suburbs, which is consistent with the Institute’s observations on the Victorian real estate market. “The price per square metre of open space in Melbourne is the highest compared to other capital cities,” she said. “People who want to buy open space should make sure they understand the parliamentary guidelines for the district and understand what the property might have been used for. Whether it needs to be repaired and, most importantly, carefully consider the location of the land.”