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Regional Victoria heating up in key locations

27 July 2018 Sasha Karen
Regional Victoria, Geelong

Mildura, Gippsland and the Geelong Bellarine regions have seen the most action over the last 12 months, but which suburbs are the ones to look out for?

Data from the Real Estate Institute of Victoria (REIV) shows that Mildura was the top regional suburb for house and unit sales at 564 and 125 sales, respectively, which is nearly 6 per cent of homes.

“We can assume that this strong activity is a product of low interest rates, an invigorated local economy, lifestyle offerings and increased attention from first home buyers, families, investors and retirees,” said REIV’s CEO, Gil King.

“The median age of Mildura residents is 39, the median monthly mortgage repayment is $1,231 and most houses [have] three or more bedrooms.”

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In second place was Traralgon with 513 home sales, followed by Morwell with 308, then Warragul with 280, Drouin with 256, Ocean Grove and Highton both with 244, Belmont with 220, Alfredton with 203 and Echuba with 197.

In terms of unit sales, Sebastopol recorded 77 sales, which was then followed by Belmont with 71, Ocean Grove with 57 and then Highton with 54.

Prices are relatively affordable, Mr King pointed out. For example, the top two most popular locations for houses and units offer prices under $300,000. Median house prices in Mildura and Traralgon are at $270,000 and $292,500, respectively, while unit prices in Mildura and Sebastopol are at $200,000 and $228,000, respectively.

The reasoning behind this popularity is likely to be new first home buyer incentives, Mr King said.

“New Victorian government incentives for first home buyers are also likely to have had a positive impact on turnover in regional Victoria. These include the removal of stamp duty for homes less than $600,000 and the doubling of the First Home Owner Grant to $20,000,” the REIV CEO said.

Regional Victoria heating up in key locations
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