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“Buoyant market” in Mitchell Shire suburbs with quarterly price rise

Real estate & property news
17 November 2022
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Premier Sugarloaf Creek rural holding reaps seven-figure price

Rising property prices in the Mitchell Shire during the September quarter have brought cheer to sellers in the northern municipality.

From July to September, houses in Wallan recorded a median price rise of 4.73 per cent to $671,670, while in Beveridge it grew 3.61 per cent to $747,553, according to PropTrack data.

Median house prices in both suburbs have grown nearly 12.5 per cent in the past 12 months.

Market conditions are buoyant in Wallan and Beveridge, according to Barry Plant Mitchell Shire director Simon Best.

“Both suburbs have weathered the storm,” he said.

While there were not as many buyers around compared to the same time last year, there was a greater proportion of genuine buyers looking to purchase.

Both suburbs offered a broad range of homes priced from $350,000 to $1 million plus, including new dwellings in up-and-coming estates, established units and houses, plus acreage homes.

“Good quality properties continue to sell quickly,” Mr Best said.

A four-bedroom house on 653sq m at 130 Raglan Street, Wallan (image below), sold within two weeks of hitting the market for $570,000.

A first-home buyer snapped up the well-presented elevated home located near a kindergarten, schools and Wellington Square shops, and with easy access to the Hume Freeway.

“It is in a great spot overlooking the township, not far from the train station and Hadfield Park,” Mr Best said.

In the heart of the popular Mandalay Estate, the stylish low-maintenance home is close to the Mandalay Club House, golf course, tennis courts, pool, kids' splash park, gym, bar and restaurant.

Commercial properties are also in hot demand in the area, including 3/88 Watson Street, Wallan (image below), which sold to an investor from the western suburbs for $850,000.

“This property attracted strong attention because it is in a prime location and offers a sound five per cent commercial return,” Mr Best said.

Rural holdings in the region also attracted good interest, including the renowned premier cattle grazing property at 330 Selection Road, Sugarloaf Creek.

Named Carrickalinga, it drew multiple offers and was snapped up for $1.28 million.

‘”The local buyer plans to run cattle on the land,” Mr Best said.

The 48.5ha property has nine fenced paddocks with substantial water supply, ample sheds and stables, plus a house site with views.

Real estate & property news
17 November 2022
Save Article

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