Lakes Entrance Victoria


The Courier Sept 2008

Property hot at Scarsdale

HOUSE prices at Scarsdale have jumped almost 40 per cent in a year - the fourth highest rise in country Victoria.

In 2006, the median home at Scarsdale was worth $150,000.

Last year, the value increased to $208,500 - a jump of 39 per cent.

Lake Tyers Beach, near Lakes Entrance, recorded country Victoria's highest rise last year, with the median house price increasing 59 per cent from $182,000 to $290,000.

The figures were released by the State Government yesterday in its Guide to Property Values 2007, based on the Valuer-General Victoria's data from settled property sales for 2007.

Ballarat failed to make the top 10 towns, with a rise of just five per cent from $205,000 to $215,000.

Scarsdale resident Belinda Lee, who runs the town's general store and has lived in the township for 10 years, said the amount of people moving to the area was increasing.

Ms Lee believed people moved there for its clean air, slower lifestyle and land availability.

``Up the back of Scarsdale, it's just been astounding ... since I've been here, it's been steadily increasing,'' she said.

In other areas of Ballarat, Wendouree's median house price has risen six per cent from $183,250 to $195,000 last year, while Sebastopol only rose three per cent, from $187,000 to $192,000.

Meanwhile, Ballarat's median price for vacant land jumped 16 per cent, from $100,000 in to $115,550.

Real Estate Institute of Victoria Ballarat division president John McKinnon said if Ballarat's median price in 2007 was $215,000, it meant it was a ``wonderfully affordable'' place to buy real estate.

Mr McKinnon said based on the increase from 2006 to 2007, prices had held firm in some quarterly increases in the past 12 months.

Compared to Melbourne's median prices, such as Carlton's median price of $750,000, he said Ballarat was very much a lifestyle choice.

``It means people are able to live in Ballarat and commute to the city - what a wonderful opportunity young people have to stay and live in Ballarat.''

Environment and Climate Change Minister Gavin Jennings said the figures showed the value of living in regional Victoria, especially with the new grants available to first home buyers.

Since July 1, first home buyers in regional areas have been able to receive up to $15,000 towards their new home.

``The Victorian property market is returning to more sustainable levels of growth, which is good news for first home buyers - along with the ability to claim both the ongoing First Home Bonus and the

principal place of residence stamp duty concession,'' he said.

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