Top 5 Victoria Regional Hotspots

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Top 5 Victoria Regional Hotspots

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Covid-19 Has Enhanced Top Regional Victoria Markets

We’ve been telling our customers for the past two years that the outstanding property market in Australia is Regional Victoria.

Description

The media would have us believe that all property markets have taken a hit from the Covid-19 period, but some markets have thrived – and Regional Victoria is a prime example.
One of the biggest clues to whether a market has been negatively impacted or not lies in vacancy rates. Some market precincts, particularly those where apartments dominate such as inner-city Melbourne, have experienced a big blow-out in vacancy rates.
But in key regional centres in Victoria, vacancy rates remain at very low levels.
There are two basic reasons why these places are doing well …
Their economies are well set-up to withstand the impacts of the virus phase, and
The virus shutdown period, which forced many people to work from home, has boosted the already-significant trend of Australians relocating from the city to regional areas and working remotely.
For these reasons, Regional Victoria remains one of the nation’s leading markets, especially on price performance. Of the 138 suburbs and towns analysed in our quarterly research into sales activity and prices, 116 of them have recorded price growth in the past year.
That means 84% of locations throughout Regional Victoria have growing prices. More than half of those growth markets have increased their median house prices more than 5% in the past year, including many which have had double-digit growth.
Regional areas of the state have been boosted by buyers out of Melbourne, including home buyers seeking a more relaxed and affordable lifestyle., while in some cases working remotely for a city business – the trend that has been enhanced by the coronavirus shutdown period.

This edition of the Top 5 Victoria Regional Hotspots gives you the pick of the crop – plus the data to explain why these locations are thriving and the growth drivers that will continue to push them into the future.

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