Latrobe Valley - Regional Victoria
Buyer demand has been slowly rippling eastward from Melbourne in the last few years. Sales activity in Cardinia Shire (Pakenham and Officer) and Baw Baw (Warragul and Drouin) has risen strongly, with big price growth. Now, it’s Latrobe City’s turn.
The Latrobe Valley economy has been adversely impacted by the closure of coal-fired power stations but various levels of government have been directing resources to the region to boost the economy and maintain jobs.
Numerous small projects to support small business and manufacturing are under way, schools and sporting complexes are being upgraded, a GovHub is being established and unemployment has fallen.
On a larger scale, the Defence Force is relocating its pilot training academy to nearby Sale, the local hospital is being redeveloped in a $217 million project, the Gippsland rail line is being duplicated in several sections and there are plans to establish an electronic car-making factory in the region.
All this is drawing the focus away from the traditional coal mining sector and steering Latrobe Valley in a new direction.
With most locations having median house prices below $200,000, affordability is a huge bonus, especially for first-home buyers.
This report covers the towns of Churchill, Moe, Morwell, Newborough and Traralgon.