Black Saturday fire-ravaged town on cusp of $1 million sales

Black Saturday fire-ravaged town on cusp of $1 million sales

A quaint country town almost obliterated on Black Saturday has made an unparalleled comeback and is in the midst of a record-setting property boom 10 years on.

Marysville’s housing market was all but wiped out by the fires, with just 14 of the town’s more than 400 buildings left standing.

As the town prepares for the fire’s 10-year anniversary, its median house price has almost doubled and it’s on the cusp of its first $1 million home sales.

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Latest CoreLogic figures show Marysville’s median house price has reached $485,000.

At the same time 10 years ago, before Black Saturday, it was $262,500.

CoreLogic Australian head of real estate Geoff White said there weren’t any direct comparisons to the town’s recovery in living memory and the transformation had positioned the town’s property market to continue growing.

“The supply was cut to absolute zero, and it’s only just now getting to the point where it’s got some momentum,” Mr White said.

“There’s no reason why prices won’t continue to grow as the town continues to grow.”

Professionals Marysville’s Jenny Pullen said a growing number of new houses and a belief Marysville could become an equally special, though different town, was driving sales and record prices.

“The old Marysville will never return, but the growth of the oaks in the main street gives the same charm that Marysville always had,” Ms Pullen said.

She estimated most people looking to buy a good quality home in the town would spend $500,000 or more.

Last year, a house in the town set a new benchmark with an $820,000 sale.

There are currently two residential properties for sale around the $1 million mark.

A pair of cottages at 1120 Buxton-Marysville Rd has a $1.25 million asking price, while a four-bedroom house at 17 Old Melbourne Rd is listed with $920,000-$980,000 hopes.

Most of those buying are coming from Melbourne, with about 40 per cent of the town’s properties used as holiday homes.

“We see locals and those who had visited pre Black Saturday, and also locals who had moved away and have now returned,” Ms Pullen said.

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