Wallan is among Melbourne’s top 20 star performers for house price gains since 2018.
The median house price in the outer-fringe Mitchell Shire township has jumped 33.9 per cent to $620,000 in the past five years, according to Domain report.
It attributed the growth to a “supercharged COVID price cycle” that was fuelled by the flight of people from the inner-city to outer-fringe suburbs during the pandemic.
Located 45km from the CBD, the demand for homes in Wallan had soared in recent years, according to Barry Plant Mitchell Shire agent Sarah Fraser.
“Being in a regional area, there were less restrictions in Wallan during the COVID lockdowns,” she said.
“And this was one of the main reasons people moved here from metro Melbourne.”
With a median house price of $620,000, Wallan is a magnet for entry-level buyers seeking affordability and value.
“They are wanting more bang for their buck,” Ms Fraser said.
“And Wallan offers bigger homes on larger blocks at lower prices, compared to those in neighbouring suburbs.”
The family-friendly township has established infrastructure and amenities, including a train station, schools, childcare facilities and shops. The Hume Freeway offers quick access to nearby suburbs and the CBD.
Properties range from low-maintenance units close to amenities to acreage lifestyle homes in serene surroundings.
“It’s definitely the place to buy or invest,” Ms Fraser said.
“We are struggling to keep up with demand.”
Homes are flying off the shelves in Wallan, including the three-bedroom house on 2.06ha at 300B Darraweit Road, which changed hands less than a week of listing.
Relocated from Box Hill, the weatherboard cottage nestled in a potential hobby farm attracted more than 50 groups and was snapped up by a young couple from Roxburgh Park for $760,000.
“It sold after the first open, above the seller’s expectations,” Ms Fraser said.
Two local brothers on the hunt for their first home splashed $595,000 on a modern four-bedroom house on 800sq m at 46 Franklin Close.
“The tradie boys loved the two living areas and party deck,” Ms Fraser said.
“It also came with a good size backyard and a shed.”
Wallan properties priced below $600,000 were in hot demand by first-home buyers, according to Ms Fraser.
“Anything up to that price point is going crazy because of stamp duty incentives,” she said.
“These homes are sought after by those wanting to escape the rent rut.”
Entry-level buyers were eyeing the two-bedroom unit for sale at 3/55 Dudley Street, priced at $360,000-$390,000, according to Ms Fraser.
“This is the perfect place to start for first-home buyers, downsizers or investors,” she said.
The property is tucked in a quiet street, not far from the primary school, secondary college, clinics, Wellington Square Shopping Centre, Hadfield Park, train station and the Hume Freeway.
And priced at $755,000, a three-bedroom house at 16 Samson Brook Drive, was attracting second or third-home buyers, Ms Fraser said.
The stylish home in the Wallara Waters Estate features three living areas, a stunning outdoor entertainment zone, a large three-car garage plus all the modern comforts and conveniences.