URGENT UPDATE: House prices in the Macedon Ranges have surged to unprecedented levels, with median prices exceeding $1 million in several suburbs as of the third quarter of 2023. According to the latest data from the Real Estate Institute of Victoria (REIV), this dramatic rise reflects a growing housing affordability crisis impacting the local community.
In a shocking revelation, Mount Macedon recorded a staggering median house price of $1.4 million, marking an extraordinary increase of 24.4 percent over the previous quarter. Close behind, Riddells Creek saw its median prices jump to $1.1 million, with a significant rise of 10.2 percent. Malmsbury also experienced a notable uptick, with median prices climbing to $790,000, an increase of 8.2 percent.
Across the Ranges, other suburbs are feeling the pressure, including Gisborne at $1 million, Lancefield at $728,000, and Romsey at $811,000, each reflecting an average rise of 1 percent. However, not all areas are witnessing growth; the median house price in Macedon fell by 11 percent to $975,000, while Kyneton and Woodend reported slight decreases to $820,000 and $935,000, respectively.
This surge in property prices comes amidst local government efforts to address the escalating housing affordability challenges. The Macedon Ranges Council is currently reviewing its Affordable Housing Policy, aiming to develop a long-term strategy to support low and moderate-income households. The council is actively seeking community feedback until November 5, 2023, to understand local housing needs and priorities.
The council’s objectives include advocating for funding and policy reforms, planning for housing through the local planning scheme, and partnering with housing providers to facilitate social housing options. Residents are encouraged to share their experiences and views to shape the new policy, which seeks to ensure housing costs do not exceed 30 percent of household income.
This urgent situation calls for immediate community involvement, as the council aims to explore innovative solutions and partnerships to combat the housing crisis effectively. The community’s input can help inform the development of policies that prioritize affordable housing and support local families facing financial strains due to rising costs.
For additional details and to provide your feedback, visit the council’s consultation page: yoursay.mrsc.vic.gov.au/affordable-housing. Your voice matters now more than ever as the Macedon Ranges navigates this critical housing landscape.
