By Robert Larocca

Calder Freeways provides drive for growth

The Calder Freeway, which makes its way through central Victoria’s has contributed to a increase in capital growth and compared to other regional centres towns along this transit corridor are showing the strong appreciation.

For those unfamiliar with Victoria the Calder Freeway is the main road between Melbourne and Bendigo and links Macedon, Kyneton, Gisborne, Woodend and Castlemaine. There is also a matching rail service and both have been upgraded over the past decade.

House values in these areas have outpaced Melbourne, Ballarat and Geelong over the past five years.

The best growth was recorded in the Macedon Ranges Shire which includes Macedon, Kyneton, Gisborne and Woodend. Over the past five years house values have grown by 46.2 per cent.

Following Macedon Ranges Shire was Mount Alexander Shire which is centred on Castlemaine. There house values have risen by 39.5 per cent.

The further away from the Melbourne the area is the lower is the growth, presumably as there is less of a flow on from the metropolitan market.

In the City of Greater Bendigo values have risen by 38.4 per cent, lower than Macedon Ranges but still well above the 28.4 per cent recorded in Melbourne.

Interestingly values in Ballarat, with a rise of 33.9 per cent have also exceeded Melbourne.

For many people, the attraction to these areas is highlighted by the availability of more affordable property coupled with a country lifestyle. The data shows that as a result of additional transport options in these areas it has made it more and more possible for people to maintain employment and undertake a tree change.

Robert Larocca
RP Data Victoria Housing Market Specialist

Source: RPD

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