From paddocks to millionaires’ paradise
Carrington Estate in Lysterfield has just ticked over to a median price of a $1.35 million dollars. In just over 20 years cow paddocks have been developed into this prestigious estate where real estate values continue to climb.
Sitting in the shadow of the Dandenong Ranges, Lysterfield offers a variety of housing and lifestyles. In fact executive homes sit comfortably next to alpaca farms. With just under 3,300 homes, the area is tightly held with only a few properties on the market at any one time.
But it is Carrington Estate that has been responsible for transforming Lysterfield’s reputation from sleepy rural outer suburb to a prestigious address.
When the plans for Carrington Estate were drawn up, the developer had the foresight to be generous with lot sizes setting a minimum land size of a third of an acre and with parcels available of 5000 m2 (an acre and a quarter) and up to three to four acres. This meant that when people built, they had the room to build a dream home; large, sprawling structures – some two storey to take advantage of views of the Dandenongs – with triple garages, pools, the odd tennis court and extensive entertaining areas and still plenty of room for backyard bike riding and games of cricket.
It’s a pretty place to live with wide roads, underground power, generous, well maintained nature strips and charming heritage style street lamps.
Brenton Wilson, director of Barry Plant Real Estate in Rowville, has been selling homes in Carrington since day one and has sold several that went for more than $3million.
“Wheelers Hill used to be the prestigious development this side of the City”, Brenton says. “But people have realised that for an extra 15 minutes’ drive they can get a truly spectacular home for around $2 million. A similar home in Wheelers Hill on 1/3 acre plus would cost them over $4 million.”
Brenton has seen Rowville grow from a first home buyer’s suburb of choice to a vibrant thriving, well established suburb. “When those first home buyers were looking to trade up, their options were limited in Rowville so they moved to Oaktree Rise in nearby Lysterfield - the estate over the road from Carrington. While the blocks were smaller, they could purchase a decent sized home in a family-friendly environment. When they wanted to upgrade even further, they moved to Carrington.”
While some parts of Lysterfield (including Carrington) are in the City of Knox, as you head towards the Dandenongs, control of the suburb passes to the Shire of Yarra Ranges – a council that has a firm policy of protecting the green wedge, so opportunities for large block estates in this clean-aired pretty part of the world are limited. And Brenton believes that can only drive up the prices at Carrington.