House prices in Sunbury and Macedon Ranges are feeling the effects of a wide-ranging downturn in the Victorian real estate market.

Property analyst CoreLogic has revealed house prices in Sunbury, Romsey, Lancefield, Gisborne and Macedon have decreased in the 12 months to February by 7.4 per cent.

Prices in the Bendigo region, including Kyneton and Woodend, have increased in the 12 months to February by 3.3 per cent.

Barry Plant Sunbury real estate agent Greg Czapnik said he had noted property prices in Sunbury had dropped more than $40,000 in the past five months.

“Median house prices in October last year were at the $540,000 mark,” he said.

“Today, they’re sitting on $496,000, so they’ve dropped off by 8.1 per cent roughly.”

Mr Czapnik suggested house prices in Sunbury would continue to drop.

“We’re going to see a mild decline and all of the economists and all the experts say we haven’t hit rock bottom yet,” he said.

“It’s a tough market. The number of buyers are declining … there’s not a lot of urgency with buyers, so you have to work harder.

“Banks are tightening their lending loans, making it difficult for buyers in today’s market.”

Chess Property Consultants owner and director Liz Dormontt said houses in Romsey and Lancefield continued to offer affordable options.

“There are less buyers and the buyers are being more cautious,” she said. “Melbourne buyers are struggling to sell their houses – they are not getting their prices.”

Ms Dormontt said Caroline Springs and Rockbank residents were wanting to move to the Macedon Ranges, but were struggling to sell their homes.

“We are getting quite a high number of buyers from those areas. They are looking for bigger blocks of land, quieter lifestyle … they are not able to get the prices for their own property, so some of them are staying. Or, if they do come up here, there aren’t as many [properties].”

Even though house prices had “levelled out”, Ms Dormontt said there was a “huge demand for rental properties”.