Moorabool is set to become a major growth area, according to the Real Estate Institute of Victoria.
REIV spokesman Paul Bird said that while the affordability of nearby Melton continued to attract first-time buyers, more and more people were seeking to buy homes in Moorabool.
This was likely to make Moorabool a real estate hotspot.
Mr Bird said Melton City continued to be a haven for first-time buyers, with suburbs like it attracting young families looking for quality properties at affordable prices.
“House prices in both areas have grown over the past year, particularly in Melton, which remains popular with first-time buyers,” he said.
“Both areas offer homes with a median price well below the Melbourne metropolitan median of $694,000.”
REIV figures show Melton City’s median house price in the September quarter sat at $420,000, an increase of 11.4 per cent over the year.
Moorabool shire’s median house price was $390,000 for the same period, 6.8 per cent higher than it was the same time a year ago.
“Melton is a much larger market with more sales. On average there are 4000 sales a year compared to 700-800 in Moorabool,” Mr Bird said. “These figures include sales of both houses and land for residential construction in Melton and Moorabool.”
The most expensive home sold in Melton this year went for $1.19 million in Caroline Springs on July 7.
The highest price in Moorabool – $815,000 – was paid for a house in Scotsburn, also in July.
The cheapest houses sold in each municipality this year went for $140,000 in Melton South and Darley.
Ned Nikolic, of Barry Plant Melton, said families could still buy new three-bedroom homes in the suburb of Melton for as low as $260,000.
“Melton’s a perfect area to put your foot in the door,” he said. “You get a lot more for your dollar than you do anywhere else.”
Marcus Rayner, of Rayner First National Bacchus Marsh, said people were buying into the Moorabool area for the lifestyle.
