Bacchus Marsh is quickly gaining a reputation as one of Victoria’s top performing property markets. Its growing population, key infrastructure upgrades improving access and excellent affordability is reflected in the recent surge in median prices.
Real Estate Institute of Victoria (REIV) data showed that in the September quarter the 2016 median house price in Bacchus Marsh reached $440,000, up 12.8 per cent since the June quarter 2016 and 19.6%* over the same period last year.
According to a new report by property services group Oliver Hume, the outlook for the local property market remains robust and will be driven by strong underlying demand. The population of Bacchus Marsh is expected to increase by over 5,700 people over the next 25 years, an increase of over 87 per cent on the current population. Over the same period, the number of dwellings is forecast to increase a staggering 91%. Bacchus Marsh is located in the Moorabool Shire which is the 2nd fastest growing regional municipality in all of Victoria.
Oliver Hume Director Paul Ciprian said recent price growth was the result of the wide range of affordable housing options and improvements to transport infrastructure in the region which have made access to Melbourne quicker and easier.
“With major infrastructure upgrades like the Deer Park Bypass and Anthony’s Cutting upgrade, it is now just a 40-minute drive from Bacchus Marsh to Melbourne’s CBD,” he said. “The $518 million upgrade of the Ballarat train line will also include the building of a second platform at Bacchus Marsh as part of the Government’s plans for the Ballarat corridor.”
Oliver Hume is currently marketing the 240 lot BelleVue Tops community at Stamford Hill, Bacchus Marsh. The project has experienced strong demand throughout 2016 with 37 land lots worth more than $5.7 million sold.
Oliver Hume Research Manager George Bougias said Bacchus Marsh would continue to grow, especially as housing remained competitively priced compared to many other areas closer to Melbourne and people sought a location more suited to their lifestyles.
“The upward trend in house prices is directly linked to the continued population growth of Bacchus Marsh and quality infrastructure upgrades,” he said. “Bellevue Tops and other projects in the area will assist in absorbing the forecast increase in population but demand could still well outstrip supply.”
To manage the growth, Moorabool Shire Council has been working with the Victorian Planning Authority to prepare an Urban Growth Framework (UGF) for Bacchus Marsh. A UGF is a high-level strategic document that plans for growth.
The Bacchus Marsh Urban Growth Framework (UGF) is one of the VPA’s key regional projects and will assist in ensuring planning for the town’s growth embeds existing town character as the starting point for designing extensions to each town.
Bacchus Marsh is one of Victoria’s oldest settlements, with buildings in the town centre dating back to 1846. The entrance to the town centre from Melbourne is along the iconic and state-significant Avenue of Honour.
For Bacchus Marsh, the UGF will guide residential and employment growth for a population projected to grow significantly by 2041 and a town earmarked to be self-sustaining for employment.
Mr Bougias said the increasing level of demand for Bacchus Marsh was reflected in building approvals for the area.
“More than 220 new dwellings were approved in 2015/16 year with value of close to $60 million,” he said.
Bellevue Tops’ current “Cosgrove” release, launched in November, is located in the central part of the elevated estate.
Land sizes range from 392m² to 563m² and pricing ranges from $136,000 - $179,000 so the project ticks all the boxes for affordability.
The Bellevue Tops community is located only 800 metres walk to the local hospital. The project is also walking distance to the main town centre with its two major supermarkets, numerous shops and restaurants, and train station with 40 minute fast train service direct to the CBD. Numerous schools parks, recreation areas and walking trails are also nearby. It isapproximately 47 kilometres from Melbourne’s CBD.
The BelleVue Tops Sales Suite at 1 Halletts Way, Bacchus Marsh is open seven days. Phone (03) 9684 8180.
*REIV notes that less than 50 sales were recorded during the 12 month period.