Question 1

Is Castlemaine a nice place to live?

Accepted Answer

Castlemaine is a compact, walkable country town in Victoria’s central goldfields with a strong nineteenth-century character from its goldrush past. The centre is lined with Victorian and bluestone public buildings, heritage terraces and workers’ cottages, and there is a lively arts and café scene with galleries, studios and independent shops clustered near the Botanic Gardens. The town sits beside bushland and the Campaspe River and has easy access to the Castlemaine Diggings National Heritage Park and other reserves.

Home to 7,506 people, with a median age of 52 and a typical household income of $1,106 a week (roughly $57,512 a year), Castlemaine is weighted towards couple households and is largely owner-occupied. The railway station has had accessibility upgrades and several local projects are under way or planned, including a major streetscape redevelopment, waterway and habitat works and active-transport improvements. That combination of heritage character, cultural life and ongoing local investment is why Castlemaine appeals to artists and families, commuters and retirees; whether it suits you will depend on what you want from a town.

Question 2

Is it expensive to live in Castlemaine?

Accepted Answer

On these figures, buying a house in Castlemaine works out to about 12.0 times a typical local household's annual income at the last Census, which places purchase prices well above local incomes. Renting is also a heavy cost: an average house rent of $528 a week would take about 47.7% of a typical local household's weekly income at the last Census, a large share, while an average unit rent of $390 a week would take about 35.3%, a sizeable share of that income.

Put simply, buying looks considerably more stretched against local incomes than renting, though renting would still claim a sizeable to large share of a typical local household's weekly income at the last Census. Whether that feels expensive will depend on your own income and circumstances.

Everyone's financial situation is different, so it's important to consider your own circumstances when deciding which suburb is right for you.

Question 3

Is Castlemaine a good place to invest?

Accepted Answer

Over the past 12 months in Castlemaine, median house values edged down 1.4% while house rents rose a solid 6.7%. Unit rents increased by a more modest 2.6%, and house rents grew faster than unit rents over the year.

For someone weighing Castlemaine as an investment, these figures show a slight fall in house capital value alongside stronger rental income growth for houses; whether that balance suits you depends on your own priorities and circumstances.

This information has been prepared without taking your objectives, needs and overall financial situation into account. It is not meant to be a substitute for professional financial advice. For this reason, you should consider the appropriateness of the information and, if necessary, seek appropriate professional advice.

	Houses	Units
Median price Past 3 months	$692K	N/A
Change in value Past 12 months	-1.4%	N/A
Sold Past 3 months	41	2
Median days on market Past 12 months	89	N/A
Average rent Past 12 months	$528	$390
Change in rent Past 12 months	6.7%	2.6%

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