Property prices in the Mitchell Shire continue to increase, bucking the downward trend of metropolitan Melbourne.
Mitchell’s average lot price was $294,000 over the past three months to May increased from $285,000 from the previous three months to February 2019.
RPM Real Estate, a Melbourne-based firm, analyses property sales data from various regions, particularly Melbourne’s growth areas.
Director Rod Anderson said Mitchell’s three per cent increase was is in contrast to other Melbourne growth corridors, which fell by two per cent over the same period.
“The average lot size in Mitchell has remained steady over this period at 463 square metres. This is in comparison to the Melbourne land size of 400 square metres over the three months to May,” he said.
“While land sales have been traditionally modest in Mitchell, they have remained steady over the past 12 months with 47 sales recorded in the past three months.
Mr Anderson said the Mitchell Shire remained the smallest of the growth fronts with an average contribution of three per cent of the total sales recorded in the Melbourne/ Geelong land market.
“This share is likely to increase on the back of increasing unaffordable house and land through the Hume and Whittlesea corridors, along with the desire of many buyer groups, including first home buyers and expanding families, looking for the peri-urban lifestyle which the Mitchell Shire offers in spades,” he said.
“Urban and rural lifestyles within a comfortable commuting distance to Melbourne are becoming more and more desired which has increased the interest in the Mitchell Shire.”
Mr Anderson said established transport links, through public transport and the major Hume Freeway, were making Mitchell Shire an attractive option to buyers.
“The general buyer profile of the area is a first home buyer or upgrader couple, likely with children or soon to start a family. This will drive demand for medium to large lots and dwellings,” he said.
“However, some demand for smaller lot types that fit three-bedroom dwellings is also apparent.
“It is likely some buyers already live in the area, either privately renting and seeking their first home, or looking to upgrade to a larger dwelling.”
