If you’re looking to get into the property market for the first time, move houses, or start investing in real estate in Victoria, you might be feeling priced out of Melbourne. The capital city has seen prices skyrocket over the last 12 months in particular, pushing many home buyers to consider regional areas.
With interest rates still low and prices remaining affordable in many regional areas, it might be time to look to Victoria’s regional housing markets. In this article, we take a look at our predictions for the top property hotspots in Victoria for 2022.
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Situated on the famous Great Ocean Road, Warrnambool is a regional city bursting with history and beautiful scenery. Renowned as a spot for whale watching, Warrnambool offers a laid back atmosphere paired with the infrastructure and services of a larger city.
Warrnambool has experienced strong annual growth while still maintaining a very reasonable median house price – it rose 12% over the 12 months from August 2020 to August 2021. So, you can expect it will keep rising – property investors could take advantage of still-affordable prices and purchase a long term rental in Warrnambool.
Wodonga is located just south of the Victorian border with New South Wales, separated by the Murray River from its twin town Albury. With a relaxed food scene and nature at its doorstep, Wodonga has something for everyone.
Wodonga is a fast growing regional city, which when combined with a diverse economy, makes for a desirable investment opportunity. Wodonga’s proximity to holiday destinations like Beechworth and Yackandandah, as well as its appeal to young families, make it a solid location for an investment property.
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Daylesford is one of Australia’s few spa towns – that is, a town based on mineral springs – making it a sought after tourist destination. But the supposedly healing hot springs aren’t Daylesford’s only drawcard – the town is also a food and art haven.
Since it’s only an hour and a half drive from the Melbourne CBD, Daylesford is incredibly popular with city residents escaping to the countryside for a weekend getaway. The town’s median house price has climbed recently and is above the state’s average, but you can still find two and three bedroom houses in Daylesford for less than $600,000. The town could present the ideal opportunity for a tree change or property investment.
The diverse city of Mildura has no shortage of history, culture, contemporary dining and rich natural landscapes. The city attracts plenty of tourists and is also a prominent horticultural area, responsible for a large amount of Victoria’s food production.
Since Mildura is home to a host of festivals and attractions, investors could consider renting out a property to visitors. Rental vacancy rates are low, meaning demand is high. Alternatively, prospective home buyers looking for a change of location might want to look to Mildura, considering the median house price is still low and you can find large three bedroom houses for less than $500,000.
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Shepparton is an important agricultural centre on the Goulburn River, and a growing regional city. In Shepparton, you’ll find the relaxed lifestyle of a country town with the perks of a city – the best of both worlds. The city is home to a rich cultural and natural landscape, plus it’s only a two hour drive to Melbourne, so you’re never too far away from the capital.
House prices in Shepparton have risen recently, but the market has still remained pretty affordable. The city has many options for families or retirees looking for the change of pace that a regional location offers. On the other hand, property investors might want to jump on affordable prices and rent out a home, considering vacancy rates are below 1%.
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The information in this post is general in nature and should not be considered personal or financial advice. You should always seek professional advice or assistance before making any financial decisions.
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