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Market Wrap

The best of both worlds in regional Victoria

Between convenient freeway access, increasing public transport connectivity and the creation of a number of new neighbourhoods that combine all the amenities of city life, making the move to regional Victoria is more appealing than ever.

Demand for properties in regional areas has been growing steadily, with areas like Ballarat now reporting an average of 1113 enquiries for listings in the suburb compared to the Melbourne average of 766.

We can attribute this increased demand in regional Victoria to a number of factors:

Regional rail upgrades: The funding announced in the federal budget for construction of the regional rail link is expected to drive interest in the regional property market, as buyers will be able to have the best of both worlds when it comes to the regional lifestyle and greater access to the city’s hustle and bustle. Once the projects have been completed, residents of areas such as Ballarat will have fast, easy access to the Melbourne CBD, making the dream of being a home owner even more realistic.

First home buyers: The past few months have seen the first home buyer market grow by 15%, with many seeing the benefits of moving to regional Victoria. This is largely off the back of the changes to the first home buyers grant announced in the last budget, which was increased from $10,000 to $20,000 for homes built in regional Victoria (up to the value of $750,000).

Changes to stamp duty: The government’s first home buyers grant coupled with stamp duty discounts are having a massive impact upon regional towns, particularly in Torquay where an influx of land developments has made getting into the market even easier.

If you’re after a tree change and even looking for a more affordable place to live, making the move to the country is now easier than ever before.

Market Wrap