The Urban Developer
AdvertiseEventsWebinars
Urbanity
Awards
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Untitled design (8)
FIRST RELEASE TICKETS ON SALE FOR URBANITY-25 CONNECTING PROPERTY LEADERS ACROSS THE ASIA PACIFIC
FIRST TICKETS ON SALE FOR URBANITY-25 WHERE THE PROPERTY INDUSTRY CONNECTS
SEE DETAILSDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Partner Lab
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
print
Print
OtherStaff WriterWed 14 Dec 16

Bacchus Marsh Reputation Grows As Population Swells

Avenue-of-Honour_620x380

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.

ResidentialAustraliaMelbourneConstructionPlanningReal EstatePlanningSector
AUTHOR
Staff Writer
"TheUrbanDeveloper.com is committed to delivering the latest news, reviews, opinions and insights into the best of urban development from Australia and around the world. "
More articles by this author
ADVERTISEMENT
TOP STORIES
Bankstown cbd in Sydney NSW EDM
Exclusive

Breaking Delivery Crisis Chokehold on NSW’s Biggest Housing Market

Vanessa Croll
7 Min
Healthscope Hospital EDM
Exclusive

‘Once-in-a-Decade’ Opportunities Rise in Wake of Healthscope Collapse

Clare Burnett
7 Min
Exclusive

Parking Upsize Threatens Fatal Blow to Project Feasibility

Phil Bartsch
6 Min
One New Zealand Stadium BESIX Watpac
Exclusive

Rising to a Challenge: How BESIX Watpac Topped Australia’s Builders

Clare Burnett
7 Min
Exclusive

Rewards Outstrip Risk in SE Queensland Off-The-Plan Buys

Taryn Paris
7 Min
View All >
Bankstown cbd in Sydney NSW EDM
Exclusive

Breaking Delivery Crisis Chokehold on NSW’s Biggest Housing Market

Vanessa Croll
Development

Melbourne Luna Park Revival Wins State Backing

Marisa Wikramanayake
Aerial photo of St Mary's Intermodal Terminal in Western Sydney now sold by Pacific National to PGIM and Cadence.
Industrial

Cadence, PGIM Team Up for $145m Freight Rail Acquisition

Marisa Wikramanayake
Pacific National has sold an intermodal terminal with a two-decade long lease to a developer-investment management firm …
LATEST
Bankstown cbd in Sydney NSW EDM
Exclusive

Breaking Delivery Crisis Chokehold on NSW’s Biggest Housing Market

Vanessa Croll
7 Min
Development

Melbourne Luna Park Revival Wins State Backing

Marisa Wikramanayake
2 Min
Aerial photo of St Mary's Intermodal Terminal in Western Sydney now sold by Pacific National to PGIM and Cadence.
Industrial

Cadence, PGIM Team Up for $145m Freight Rail Acquisition

Marisa Wikramanayake
2 Min
Finance

Fast Funds, Real Help—Woodbridge Capital Delivers Both

Partner Content
5 Min
View All >
ADVERTISEMENT
Article originally posted at: https://theurbandeveloper.com/articles/bacchus-marsh-reputation-grows-population-swells