MARCH 12, 2019 \ STARWEEKLY.COM.AU
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Housing market pain By Jessica Micallef House prices in Sunbury and Macedon Ranges are feeling the effects of a wide-ranging downturn in the Victorian real estate market. Property analyst CoreLogic has revealed house prices in Sunbury, Romsey, Lancefield, Gisborne and Macedon have decreased in the 12 months to February by 7.4 per cent. Prices in the Bendigo region, including Kyneton and Woodend, have increased in the 12 months to February by 3.3 per cent. Barry Plant Sunbury real estate agent Greg Czapnik said he had noted property prices in Sunbury had dropped more than $40,000 in the past five months.
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“Median house prices in October last year were at the $540,000 mark,” he said. “Today, they’re sitting on $496,000, so they’ve dropped off by 8.1 per cent roughly.” Mr Czapnik suggested house prices in Sunbury would continue to drop. “We’re going to see a mild decline and all of the economists and all the experts say we haven’t hit rock bottom yet,” he said. “It’s a tough market. The number of buyers are declining … there’s not a lot of urgency with buyers, so you have to work harder. “Banks are tightening their lending loans, making it difficult for buyers in today’s market.” Chess Property Consultants owner and director Liz Dormontt said houses in Romsey and Lancefield continued to offer affordable options. “There are less buyers and the buyers are being more cautious,” she said. “Melbourne buyers are struggling to sell their houses – they are not getting their prices.” Ms Dormontt said Caroline Springs and Rockbank residents were wanting to move to the Macedon Ranges, but were struggling to sell their homes. “We are getting quite a high number of buyers from those areas. They are looking for bigger blocks of land, quieter lifestyle … they are not able to get the prices for their own property, so some of them are staying. Or, if they do come up here, there aren’t as many [properties].” Even though house prices had “levelled out”, Ms Dormontt said there was a “huge demand for rental properties”. ■ Regional
Sun shines on Sunbury
- Greg Czapnik
appeal: Pages 6-7
Sunbury’s volunteers know how to throw a party, and they’re ready to do it all again. The SunFest festival, now in it’s 43rd year, is tipped to be bigger and better than ever when it lights up the town on the weekend of March 16 and 17. SunFest president Shona Davie said the traditional festival, run entirely by volunteers, attracts up to 30,000 people across the weekend. She said the festival was a great event for people of all ages. “We’ve got entertainment, Sunbury’s Got Talent, Battle of the School Choirs, live music and fireworks,” she said. “We have our Kids Corner coming this year … they’re going to have games, a scavenger hunt. “We had some fantastic donations from Sunbury businesses … putting in for the kids to give out toys and prizes for the scavenger hunt. “We’re doing bubble mania this year, the kids just loved it [last year] playing with bubbles.” The Grand Street Parade featuring Sunbury’s community groups, businesses and emergency services will return and Yindi the mascot will have its own dance party. Details: sunfest.org.au SunFest vice president Craig McTaggart and the mascot Yindi. (Joe Mastroianni)
Jessica Micallef
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There’s not a lot of urgency with buyers