WARRAGUL PRICE GROWTH EXCEEDS METRO GROWTH AREAS
Between Q1 ’17 and Q1 ’19 the Baw Baw median land price grew by 34% as people from metropolitan Melbourne sought the lower house and land prices and the Warragul lifestyle.
Over the same time the Metro Melbourne land price grew by 29% as the recent downturn in prices reflected the growing lack of affordability and finance changes in Melbourne’s growth suburbs.
At Waterford Rise this has been reflected in around 50% of all sales at the estate to Melbourne buyers who love the ambience of Warragul and a premium housing estate.
Baw Baw land prices have grown to a record $212,000 compared to a slight drop in land prices in Melbourne’s SE of $325,000.
With Baw Baw prices 35% lower the $1000,000 + price difference, and much larger lots, will continue to attract buyers.
Much of this upward pressure on land prices has been attributable to population growth assisted by Warragul being nominated a growth area by the Victorian Government.
According to the 2016 census, Baw Baw Shire has an estimated population of 48,479 (as at 1 August 2017).
The municipality is experiencing rapid residential growth with a 13.1 per cent growth rate between 2011 and 2016, or an increase of 5,616 people.
This high level of population growth should continue to put upward pressure on prices into the future and ensure continued price increases.