Maryborough more affordable, data finds

Maryborough is one of the most affordable country towns in the state, new data has revealed.

New figures from the Real Estate Institute of Victoria (REIV) have ranked the town sixth in the top 10 most affordable suburbs in regional Victoria, based on median house prices over a 12-month period ending in September.

Although it recorded an annual growth in prices of 4.3 percent, the data showed Maryborough’s median house price — $245,000 — is well below regional Victoria’s median price for a house, which was $408,500, or a unit/apartment, which was $302,500.

According to REIV, a springtime boost is helping Victoria’s regional housing market bounce back with house prices up by 0.9 percent, but Maryborough First National’s Craig Bell said the Maryborough region has “always” been affordable.

“Our affordability has always been a key driver to our market improving. Our market has been exceptionally strong for the past two years, all agencies are always short of properties because demand is really strong,” he said.

“Our median house price has gone up substantially over the past 12 to 18 months but by comparison to other areas it’s still very cheap.

“Our affordability compared to places like Castlemaine is great, it’s a half hour of driving apart but you get to spend $250,000 less in Maryborough for the same product.”

For more on this story see Page 3 of The Advertiser, Tuesday, November 5

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