We sat down with our directors to explore how the past year has unfolded and what lies ahead for Central Victoria’s property market.
How has the property market in Central Victoria performed in the last 12 months?
Melbourne and interstate buyers are increasingly drawn to the region by the excellent value and opportunity they don't see in their respective markets. The $600,000 to $1.2 million range has been the most active, and since January 2026, we have seen growing interest in premium lifestyle properties above $2 million. Largely due to land tax, many investors have sold – tightening supply in the rental market, pushing rental yields higher. Those who have held on should see solid gains and stronger rental returns.
Melbourne and interstate buyers are increasingly drawn to the region by the excellent value and opportunity they don’t see in their respective markets.
Which suburbs look best placed for stability?
Woodend, Kyneton, Malmsbury and Castlemaine all have direct V/Line access to Melbourne and Bendigo, which is increasingly important to buyers. Trentham and Daylesford offer fantastic buying opportunities and a rich lifestyle that continues to attract serious interest.
Castlemaine is seeing high rental yields at 3.8%¹. Why is Castlemaine such an attractive suburb for investors?
Castlemaine is currently delivering strong rental returns, supported by growing renter demand and solid long-term capital growth prospects. As more buyers and renters are drawn to regional Victoria for its relative affordability and lifestyle appeal, demand for housing in the area has continued to strengthen. This has contributed to rising rental prices and improved rental yields, making Castlemaine an increasingly attractive option for investors.
Median property prices
1 Source: Cotality, 01/04/2025 - 31/03/2026 Where a suburb is split across a LGA, the whole suburb has been used to determine a median. Where there are insufficient sales within a suburb over a 12-month period, a median price has not been calculated. 2 Source: Cotality, 01/04/2025 - 31/03/2026Castlemaine & surrounds
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Campbells Creek
-
Castlemaine
-
Chewton
-
Harcourt
-
Maldon
-
Mckenzie Hill
-
Newstead
Median days on market
Cotality, 01/04/2025 - 31/03/2026Mount Alexander Shire
Rental yield
Cotality, 01/04/2025 - 31/03/2026Mount Alexander Shire
Current population
Cotality, 01/04/2025 - 31/03/2026Mount Alexander Shire
- Houses
- Units
Median property prices
1 Source: Cotality, 01/04/2025 - 31/03/2026 Where a suburb is split across a LGA, the whole suburb has been used to determine a median. Where there are insufficient sales within a suburb over a 12-month period, a median price has not been calculated. 2 Source: Cotality, 01/04/2025 - 31/03/2026Daylesford & surrounds
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Daylesford
-
Hepburn
-
Hepburn Springs
-
Trentham
Median days on market
Cotality, 01/04/2025 - 31/03/2026Hepburn Shire
Rental yield
Cotality, 01/04/2025 - 31/03/2026Hepburn Shire
Current population
Cotality, 01/04/2025 - 31/03/2026Hepburn Shire
- Houses
- Units
Median property prices
1 Source: Cotality, 01/04/2025 - 31/03/2026 Where a suburb is split across a LGA, the whole suburb has been used to determine a median. Where there are insufficient sales within a suburb over a 12-month period, a median price has not been calculated. 2 Source: Cotality, 01/04/2025 - 31/03/2026 3 Source: ABS Census 2021 DataWoodend & surrounds
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Gisborne
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Kyneton
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Lancefield
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Macedon
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Mount Macedon
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New Gisborne
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Riddells Creek
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Romsey
-
Woodend
Median days on market
Cotality, 01/04/2025 - 31/03/2026Macedon Ranges Shire
Rental yield
Cotality, 01/04/2025 - 31/03/2026Macedon Ranges Shire
Current population
Cotality, 01/04/2025 - 31/03/2026Macedon Ranges Shire
- Houses
- Units
Ownership
ABS Census 2021 DataMount Alexander Shire
- Own
- 49%
- Purchasing
- 34%
- Rent
- 15%
- Other
- 2%
Hepburn Shire
- Own
- 48%
- Purchasing
- 34%
- Rent
- 15%
- Other
- 2%
Macedon Ranges Shire
- Own
- 39%
- Purchasing
- 46%
- Rent
- 14%
- Other
- 1%
- Own
- Purchasing
- Rent
- Other
Dwelling type
ABS Census 2021 DataMount Alexander Shire
- House
- 96%
- Semi detached
- 3%
- Unit / apartment
- 1%
Hepburn Shire
- House
- 95%
- Semi detached
- 3%
- Unit / apartment
- 2%
Macedon Ranges Shire
- House
- 93%
- Semi detached
- 6%
- Unit / apartment
- 1%
- House
- Semi detached
- Unit / apartment
What does FY27 and beyond look like for Central Victoria’s property market?
We are confident that we will see good gains within our region, with the regional cities of Geelong, Ballarat and Bendigo having double-digit growth against more marginal gains locally. We expect robust competition for well-priced property with access to infrastructure.
Fast Five with Tom May
Favourite drive
Honour Avenue, Macedon, in autumn.
Best walk
Black Hill Reserve, 5km north of Kyneton.
Day trip
Black Hill Reserve in the morning, Piper Street for lunch, and a drive through Maldon for an immersive 19th-century gold rush experience.
Best food
Lake House, Daylesford – renowned for its idyllic location and acclaimed, regionally-focused dining.
One to watch
Quality medium-density developments within walking distance of town amenities.
