NOVEMBER 5, 2019 \ STARWEEKLY.COM.AU
NEWS + SPORT + PROPERTY GUIDE
Bacchus Marsh booms By Ewen McRae Bacchus Marsh property prices are experiencing the biggest rise in Melbourne, according to new data. With many areas of Melbourne seeing a rise in house prices in recent months, Bacchus Marsh has experienced median house price rise of 9.9 per cent, according to Domain’s House Price Report for the September quarter, released last week. The rise was the largest of any Melbourne suburb, with Bacchus Marsh rising to a new media house price of $527,500. Fellow western suburb Cairnlea had the second biggest rise in the state, lifting its median house price 6.6 per cent to $780,000, while Darley was up by six per cent to a median of $600,000, making up the top three rises.
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The pace of the increase will slow down
Gum’s red reinvention When a sugar gum at the Melton Botanic Garden died at the start of the year, the Friends of the Garden saw a chance to do something different. Instead of chopping it down, they painted the tree a vibrant red, something that has not gone unnoticed to visitors to the garden as the year has rolled on. Friends of the Melton Botanic Garden president John Bentley said it had created a talking point, and an extra attraction for the garden. “We painted it aloe red, and it’s in the Southern African Garden in the aloe and succulents section, so it fits in nicely,” Mr Bentley said. “Most of the aloes flower this same red colour so we thought it would make a nice feature piece. “It’s a bit of a talking point, a good meeting point, and when you drive down Lakewood Boulevard it really does stand out. “It’s become a favourite part of the garden now.” The tree’s transformation is not complete – the lower parts will be painted with Southern African animals by the Artist Collective of Melton. “It also lends a bit of artwork to the garden so that’s nice,” Mr Bentley said. “I’m not sure if we’ll do something similar down the track, but you never know.”
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- Shane Oliver The recovery follows a 10.7 per cent drop in median house prices for all of Melbourne from the peak in December 2017 to the trough in March, an average fall of $94,391. Domain research analyst Eliza Owen said the results showed Melbourne’s property market cycle, and rises or falls in prices, started in the inner suburbs. “Melbourne has a very distinct growth pattern, which starts in the inner east and finishes on the fringes,” Ms Owen said. As outer suburbs had peaked later than inner Melbourne, she said home owners might see some future price falls, but they would not be as significant as those in the inner suburbs. While the news is good for current homeowners, things would now be tougher for those looking to get into the market, especially first-home buyers, AMP chief economist Shane Oliver said. Dr Oliver predicted house price rises would continue in the short term before slowing. Australia’s economic uncertainty and lack of consumer spending would have an impact on house sales, he said. “The pace of the increase will slow down – not straight away but in the next six months,” Dr Oliver said. – with Melissa Heagney (Domain)
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Friends of the Melton Botanic Garden John and Jill Bentley, Elaine Neely and Les Gordon with the red tree. (Joe Mastroianni) 20019_02
Ewen McRae