With the current housing boom wreaking havoc in the Australian real estate market, it's not surprising that millennials are giving up the city life to move to regional Victoria. It's harder than ever for millennials to get their foot in the property market door. But, with entry prices in cities like Melbourne, Sydney, Brisbane, and the Gold Coast on the incline, regional Victoria is an ideal place to start. Check out five reasons why millennials are moving to regional Victoria:
One of the most appealing incentives in making a move to regional Victoria is what you get for your money. Victorians can purchase a larger block of land to build on for less money. As a result, millennials can build their dream home with the same investment they may have made on a tiny Melbourne apartment without the sacrifices. Trade a small balcony for a beautiful green backyard with space for a vegetable garden. Swap the tiny one-bedroom apartment for a custom-built, beautiful family home. And ditch the chaos of the noisy city life, for the peaceful white noise of the trees in the wind and children riding their bikes in the street.
Millennials are, more often than not, first home buyers wanting to take advantage of government grants. According to the State Revenue Office of Victoria, to be eligible for a $10,000 First Home Owner Grant (FHOG), 'The home must not have been previously sold or occupied to be eligible for the FHOG.' It can be challenging to find house and land packages in cities within a millennial's budget. However, moving to regional Victoria will allow eligible first home buyers to access a custom-built home with less investment and take advantage of the $10,000 grant. You can read all of the eligibility criteria here.
Regional Victoria not only offers a lively yet relaxed hospitality scene, but it's also the perfect place for millennials to settle down. The beautiful thing about buying and building in a regional area is that you not only get a beautiful custom home, you also get a community. A support network of like-minded people often in a similar time in their life. You will make terrific friends. Your children will grow up riding their bikes on the street. They can play at the park with the neighbours without the craziness and unpredictability of city life turning your hair grey. Your house, and the neighbourhood, becomes your home. You will wonder why you didn't make the change sooner.
Millennials won't have to compromise on a country, city, or coastal lifestyle. Instead, they'll have all of them at their fingertips with a move to regional Victoria. You'll have easy access to the M1 into Melbourne, the Surf Coast, the beaches, and even the popular tourist spot of Geelong. There are also areas in regional Victoria where you can travel to inner Melbourne in the same amount of time it will take someone in Metro Melbourne to commute there. Public transport in these suburbs is unparalleled, allowing Millennials to keep close to a job they love, friends, and family who reside in the city.
The regional Victorian corridor will see a lot of growth over the next few years. With supermarkets, new schools, and art centres in the pipeline, this area will be on the up and up for the foreseeable future. Giving Millennials another incentive to pack their bags and head to regional Victoria. It’s an investment that is guaranteed to return. The affordability and lifestyle make moving to regional Victoria very attractive to Millennials. These millennials are taking advantage of a 'best of both worlds' situation. By waving goodbye to the big city, they're saying hello to more affordable homes, breathtaking views, a community, along with a safe and relaxed family lifestyle. If you're thinking of making a move, feel free to contact a member of the Gallery team that will be able to assist you with all of your enquiries. For a hassle-free home build, check out Gallery Groups Aspire Range. The Aspire Range offers a streamlined alternative to custom building that's faster, easier, and more affordable. It's the perfect choice for property investors looking to start or add to their portfolios. It's also ideal for first home buyers or families on a budget. If you like the idea of a stress-free build with brilliant results, Aspire ticks all the boxes.