Property Report - December 2019
• Integrity holds 48.6% market share in the Kinglake Ranges
• Integrity’s average days on market is 66 days.
• Kinglake’s median has grown by 30% since March 2019
• The Kinglake Ranges has 4,122 residents
In the last 10 months Kinglake’s median price has gone from $559,000 to $725,000 with Kinglake West’s not far behind at $700,000. This outpaces Regional Victoria’s median of $409,000 showing that the Ranges is now as expensive as Metropolitan Melbourne—Kinglake has a higher median than Hurstbridge.
According to some reports there are 20% more house in the Ranges, however the population has not grown exponentially. What has changed is the area’s demographics, seeing more young families reside in Melbourne’s scenic north-eastern green belt. This emphasises the lifestyle attributes of the region. Most buyers are coming from outer Metro areas including but not limited to Epping - Mernda corridor, and Ringwood - Lilydale in the east. However, there are still large numbers of buyers moving around within Murrindindi Shire and the regional north east.
The reason why the Ranges has performed so well in 2019 when other areas have struggled is due to its limited stock supply relative to consumer interest. There will not be any new residential developments in line with the state government’s desire to limit the urbanisation of Melbourne’s green belt. While this may seem like a negative on the surface, it is actually a positive in that it incubates our house values. There also hasn’t been a shortage of properties coming to market, the only change has been that properties take longer to sell.
The next 12 – 24 months will be very positive. I believe the public realises we are not regressing into a recession. The reason for any pause in the market is a combination of tightening lending criteria within financial institutions and stacks of negative public dialogue, but this is par for the course when a market backslides. Stabilising property values have seen more buyer interest rise to the surface.
In summary, the Kinglake Ranges will continue to be a popular place for people to live given its proximity to metropolitan Melbourne but also its abundant natural assets. Despite its exponential property growth, the area is still largely affordable in comparison to inner Melbourne and furnishes the growing consumer marketplace with a genre of spacious and unique lifestyle properties on both an environmental and architectural level.