By KATH GANNAWAY
YARRA Junction is officially a “desirable” location.
Revealing that far from being a third-rate performer in the housing market, a recent real estate report puts ‘the Junction’ at third out of the Melbourne’s top 25 towns in terms of long-term capital growth.
The Ryder Report rates property affordability and prospects in major Australian cities, citing the far south-east as a ‘standout region’.
Wandin North, Woori Yallock and Badger Creek also rated in the report.
New housing estates and unit and townhouse developments over the past five years have put Yarra Junction in the picture for people looking to get into the housing market.
The Ryder Report by Hotspotting.com.au rated ‘Junction’ as third of its 25 top performers with a median price of $397,000 and an 8.9per cent growth rate.
According to Bell Real Estate principal Michael Robinson, it’s the family home market, driven by a desire for a better lifestyle that is the main reason people are buying, and that prices are rising in Yarra Junction.
“We survey nearly every buyer and it’s ‘we want our kids to experience a bigger block, a bigger house’, they’re only half an hour from work and they want to get away from the high-density down the line and come up to this little country scene and still have some facilities,” he said.
Mr Robinson said there had been lots of ups and downs in Yarra Junction over the 28 years he had been in business, but opening land up to subdivision a decade ago was the start of this positive cycle.
He says there are about 100 new homes with around 40 to 50 per cent bought by people within the area, and the remainder by others moving out from the suburbs.
He welcomed the discussion the Ryder Report has brought up, but said their own figures put the median price at around $339,000 and growth over the past 12 months at about 11 per cent.
Other Yarra Valley ‘hotspots’ are Wandin North, 9th on $390,000 and 8 per cent growth, Woori Yallock, 16th on $320,000 and 7.8 per cent and Badger Creek, 18th $320,000 at 7.7 per cent growth.
Mr Robinson’s overall analysis? “It’s good”.
