The new 'work from home' lifestyle plus rising living costs in Melbourne has created a new incentive for City dwellers to move regionally. In addition, housing prices across the country have soared in the past 18 months, with no signs of slowing down. As a result, moving to places that are still affordable, such as regional Victoria, is becoming increasingly desirable. With economic certainty on its current pedestal, the construction industry is thriving despite price increases. Likewise, the property market is booming and showing no signs of slowing down. And with interest rates at an all-time low, investors and first home buyers are setting their sights on Regional Victorian suburbs such as Melton and Ballarat. Home values in these regional areas have increased significantly over the past 18 months. As a result, investors take advantage of incredible capital growth opportunities and unprecedented rental yields as these areas continue to grow. According to CoreLogic's latest home value index, regional Victorian properties are sitting at an annual growth rate of a whopping 18.1 percent.Based on recent market research, Victorian home buyers and investors are spoilt for choice. Many suburbs of regional Victoria remain an affordable option for investors and first home buyers, with some areas yet to catch up to the capital. Moreover, with land still available in regional areas, the entry-level prices make regional Victoria the perfect building place.
Just ninety minutes from Melbourne lies the beautiful city of Ballarat. Thanks to COVID-19, Ballarat experienced a population surge as city dwellers escaped from the hustle and bustle of Melbourne life to avoid lockdowns, invest in a family home, and take advantage of a new work from home lifestyle. As a result, Ballarat is one of Regional Victoria's fastest-growing suburbs, experiencing a property value rise of a whopping 17.6 percent in the past year alone. According to CoreLogic, Ballarat properties are selling within 30 days on average, making them some of the fastest-selling homes in Australia's regional market. We recommend checking out suburbs such as Delacombe, Soldiers Hill, Alfredton, and Ballarat Central for investment opportunities. Ballarat as a whole will experience significant growth over the next few years with substantial infrastructure in the works and over one billion currently invested in these projects. Locals refer to the current Ballarat property market as the 'Golden Era' as period homes are selling for just a third of the price compared to similar properties in Melbourne.
Being one of the most affordable suburbs in Melbourne right now, Melton is a great entry point for first home buyers or investors looking to expand their property portfolio. Median houses are currently priced at just $420,000, meaning opportunities for rental yields and capital growth forecastings have investors lining up to get their foot in the Regional Victorian property market door.
Watsonia North Investors have been receiving capital gains of up to 14.95% from the last 12 months alone, with no signs of slowing down. As a result, the Regional Victorian suburb has been tipped for continual solid growth by investment agencies and realtors in Victoria, attracting investors nationwide.
Geelong is one of Victoria's largest regional cities within commuting distance to Melbourne. Thanks to the global pandemic, Geelong's population has increased, offering city dwellers the best of both world opportunities. Investors are now taking advantage of housing prices, as experts predict Geelong prices to soar over the next few years.
Alpine is another Regional Victorian suburb recording impressive growth and attracting investors, first home buyers, and families searching for more space and better bang for their buck. According to an article written on openagent.com, "Median property prices in Alpine have increased by 92.1 percent in the past five years." As more Melbourne dwellers are swapping city life for the suburbs, growth is predicted to continue in Alpine. According to Westpac's & NAB's latest forecasts, Melbourne and surrounding suburbs are expected to keep increasing in value well into 2022. So if adding to your property portfolio or getting introduced into the property market with a Regional Victorian home is something you want to take advantage of, we recommend getting in touch. To find out how you can capitalise on investment opportunities in regional Victoria, have a chat with a member of our friendly team on 07 5514 8557.P.S. You can also read more about why property investors are setting their sights on regional Victoria here.P.P.S. Gallery Groups' 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 portfolio. Read more about The Aspire Range here.