Shire of NillumbikEconomic profile
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Nillumbik Shire

Housing valuation

At June 2016, Nillumbik Shire had a median house valuation of $773,344, $250,487 higher than the median house valuation for Victoria.

Housing valuation and rental data are a measure of the economic desirability of living in the local area. High housing prices usually indicate access to high-paid jobs and a very desirable area. However they can present issues in attracting and retaining key lower skilled workers. Lower housing prices indicate less demand and may be an asset for attracting people to live in the area. However they can also indicate lower paid and lower skilled jobs or a declining economy.

Housing prices often factor in a home ownership premium due to expected capital growth and the ability to customise the property, but rental costs are a more direct measure of the immediate economic value of living in the area. Increases in rents often have a more direct relationship to employment and demand for housing.

Hometrack 2011-2016, Housing Valuation System

Housing values
Nillumbik Shire20162013Change
Housing value (at June)Nillumbik ShireVictoriaNillumbik Shire relative to VictoriaNillumbik ShireVictoriaNillumbik Shire relative to Victoria2013 to 2016
House--------------
First Quartile$645,116$364,026+77.2%$518,092$322,519+60.6%+$127,024
Median$773,344$522,857+47.9%$607,151$424,044+43.2%+$166,193
Third Quartile$928,205$823,718+12.7%$730,713$614,822+18.8%+$197,492
Unit--------------
First Quartile$463,917$339,246+36.7%$390,135$294,921+32.3%+$73,782
Median$527,350$463,503+13.8%$433,589$386,032+12.3%+$93,761
Third Quartile$595,816$591,295+0.8%$481,985$493,165-2.3%+$113,831

Source: Hometrack 2011-2016, Housing Valuation System.

Housing values, 2016
Housing values, 2016 Third Quartile, Victoria: $591,295 Median, Victoria: $463,503 First Quartile, Victoria: $339,246 Third Quartile, Victoria: $823,718 Median, Victoria: $522,857 First Quartile, Victoria: $364,026 Third Quartile, Nillumbik Shire: $595,816 Median, Nillumbik Shire: $527,350 First Quartile, Nillumbik Shire: $463,917 Third Quartile, Nillumbik Shire: $928,205 Median, Nillumbik Shire: $773,344 First Quartile, Nillumbik Shire: $645,116
Source: Hometrack 2011-2016, Housing Valuation System
Change in housing values, 2013 to 2016
Change in housing values, 2013 to 2016 Third Quartile, Victoria: $98,130 Median, Victoria: $77,471 First Quartile, Victoria: $44,325 Third Quartile, Victoria: $208,896 Median, Victoria: $98,813 First Quartile, Victoria: $41,507 Third Quartile, Nillumbik Shire: $113,831 Median, Nillumbik Shire: $93,761 First Quartile, Nillumbik Shire: $73,782 Third Quartile, Nillumbik Shire: $197,492 Median, Nillumbik Shire: $166,193 First Quartile, Nillumbik Shire: $127,024
Source: Hometrack 2011-2016, Housing Valuation System

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