Maryborough Property Watch Q1 2012

This report analyses the current trends and performance of the Maryborough precincts unique house market. For the purpose of providing suitable analysis of the region, the neighbouring suburbs of Flagstaff , Daisy Hill , Adelaide Lead , Moonlight Flat , Alma , Bowenvale , Timor , Simson , Carisbrook , Craigie , Talbot , Red Lion and Golden Point have also been included in the data.

Area Characteristics
Considered the heart of the Central Goldfields, Maryborough is positioned approximately 60 kilometres north of Ballarat and 140 kilometres north-west of Melbourne. The region is well serviced with the Pyrenees Highway and the Mildura Rail or V/Line offering direct access to the CBD. Settled in the 1830s, Maryborough reached a population of up to 50,000 in its earlier days, with the discovery of gold in 1854. These days however, Maryborough exists as a quaint town, boasting historic building structures and picturesque parks and gardens.

Maryborough Area House Market
The median price closed the December 2011 six months at $175,000. Despite being marginally down from the peak seen six months earlier, the median represented annual growth of 12.9%, the strongest growth for a calendar year since 2006. The ten year growth rate stands at 8.1% per annum. The 106 transactions for the December 2011 six months, represent an 11.7% decrease against the average transaction level for a six month period over the last five years. Maryborough (82) accounted for 82% of the sales, with Dunolly having the next largest share with 8 sales. Prices ranged from $18,000 for a house on 740m_ in Dunolly to $500,000 for a home near Lake Victoria in Maryborough. The $100,000 to $199,000 range was the largest single price bracket, with 56.6% of all transactions for the December 2011 six months occurring in this range.

Maryborough Area Vacant Land Market
The Maryborough vacant land median price has fallen from its peak of twelve months earlier, to close the December 2011 six months at $66,000. Whilst this represents a 5.7 % fall in the median on an annual basis, both the five and ten year growth rates are solidly in positive territory at 5.7% each. Sales volumes were significantly down on the five year average of 40 for a six month period, with only 27 transactions recorded for the six months to December 2011. The majority of these sales occurred in the range from $50,000 to $99,000. The peak of the market was seen when $214,000 was paid for a block just under 800m_ off Gladstone Avenue, Maryborough.