Have you considered Victoria’s regional areas?
The property market in regional Victoria in 2018 outperformed the rest of the state with REIV reporting 20 per cent annual increases to the median house prices in the top five towns.
All too often property reports are solely focused on metro areas, in particular Melbourne. This means that our regional precincts can sometimes be overlooked, and if the above REIV data is anything to go by, potential buyers and investors could be missing out on some great opportunities.
Many of Victoria’s regional areas are showing great promise in a variety of ways – namely affordability (average entry-level house price sitting at $300,000), alongside lifestyle and injections in infrastructure, according to Propertyology.
Bendigo and Shepparton are at the beginning of a growth cycle, meaning they are showing rising demand and creating price growth (Hotspotting Price Predictor Index). Geelong, which is Australia fifth biggest regional city, and Ballarat are reportedly sitting at the tail end of a growth cycle but that doesn’t mean there are no gems to be uncovered.
In addition, many of Victoria’s regional towns have seen years of economic strength, bolstered by agriculture, manufacturing and tourism, and if the influx of new residents continues to skyrocket you can expect ongoing infrastructure improvements and rising housing returns.
Whether you’re looking for an investment property or searching for your first home, many of Victoria’s regional areas are worth considering.