Young families are on the move to Regional Victoria
Buying your first home is an exciting milestone for young families, but with the rising costs of city living many people are finding themselves priced out of the property market and are increasingly making the move to greener pastures.
As of 1 July, the first home buyers grant will double to up to $20,000 for those buying homes in regional areas, making the idea of buying in areas like Ballarat or Bendigo more appealing. With planned infrastructure developments including the Regional Rail Link and an increase in the number of housing estates, young couples are seeing the benefits of regional life.
As a result, we’re seeing a number of changes across regional areas:
- Eateries and cafes rise: New cafes and great places to eat are adding to the Melbourne vibe of many burgeoning regional areas, with young couples drawn to the idea of continuing their current lifestyle in their new home.
- Young buyers are driving demand: 120 Melbourne suburbs are now registering a median house price of over $1 million, forcing many young couples to relocate to fulfill their dreams of becoming homeowners. Areas like Ballarat are attractive options thanks to their affordable housing, community vibe and easy connections to Melbourne CBD.
- Apartment market lifts: As regional areas continue to grow and thrive we’re seeing a growing rental market and increased demand for apartments. Ballarat Central, for example, has seen an 18% rise in capital growth.
Whether you’re considering a move or plan on taking advantage of the growing rental market by buying an investment property now is the time to do it, while those looking to sell can benefit from the increased demand for quality properties in regional areas.