Hills houses cash in
March 27, 2012 2 Comments
Prices skyrocket as families take the opportunity to change their lifestyle
House prices in the hills have exploded, with towns like Kallista enjoying a 50 per cent increase over the past five years.
The latest industry suburb scorecard shows that not only have values skyrocketed over the past five years, but last year alone the median house price in Kallista rose 7.8 per cent to $496,000.
A massive increase in median house prices in the hills can be seen in a comparison between the 2006 and 2011 figures.
In Kallista. the median house price rose to $496,000, up from $278,000 in 2006.
In The Patch, houses sell for an average of $490,000, an increase of 14 per cent over the past five years.
Sassafras property values went up 41 per cent in the past five years and a house in the town will now set buyers back around $490,000.
As reported in the Leader (March 7), the Dandenongs have become a magnet for families seeking a lifestyle change, with several properties sold for well over $1 million.
Ranges First National director Rik Rushton said several properties in the Dandenongs had sold for over $1 million and it was the lifestyle and value for money that were appealing to buyers.
Source: Free Press Leader, 21 Mar 2012