THE completion of EastLink and the first home buyers’ grant has seen property prices boom in Melbourne’s eastern and south-eastern suburbs.
The Valuer-General Victoria, Robert Marsh, released his two-yearly general revaluation of 2.6 million Victorian properties, valuing the state’s residential, rural, commercial and industrial properties at a whopping $1.26 trillion, up 20 per cent in two years.
The Valuer-General uses land and market values to price properties and the results will be used by the state’s 79 councils to calculate rates from July 1 this year.
“It’s important to keep in mind, that an increase in values does not mean an increase in rates,” Mr Marsh said.
The total value of the 2.1 million residential properties assessed rose 20 per cent to $976 billion; the median house price jumped from $399,000 in June 2007 to $460,000 in June this year.
The Valuer-General’s spokesman, Greg Stevens, said properties in in the outer Melbourne suburbs neighbouring the Peninsula Freeway and EastLink had also jumped more than 20 per cent in value, and were singled out as the city’s prime moving real estate, particularly for first home buyers.
“They were the big movers in the revaluation this time around,” Mr Stevens said.
“There’s no doubt the property prices have clearly shown a direct relationship to the first home buyers’ scheme.
“It’s on the Peninsula Freeway arm, in areas such as Pakenham, Berwick, Narre Warren, Rye, Tookarook; they were low-value properties, and their values certainly increased at a faster rate than the average dwelling.”
Dandenong real estate agent Doriano Del Monaco, from Century 21, said it was no surprise that people were heading southeast, saying: “A lot of people are moving this way for a sea change. There’s quick access to the city, which they didn’t have before EastLink was completed in 2008.”
Real estate in the northern suburbs also saw impressive growth of more than 20 per cent. Inner-city Melbourne enjoyed a smaller surge of 5-10 per cent.
The median metropolitan house price has risen an impressive 121 per cent in the last decade; rural property prices had increased 131 per cent.
Bass Coast Shire had the largest growth in the state: 196 per cent since 2000.