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Victorian property hotspots tipped to boom in 2021

The Australian housing market is experiencing a boom, and Victoria is no exception. And, if you’re not interested in purchasing property in Melbourne, you have a number of options outside of the capital city.

Thanks to work from home changes brought about by COVID-19, many workers have been given the opportunity to do their jobs remotely. These workers are often swapping the major cities for a quieter life in the country, or more affordable living in a smaller city.

In this article, we’ll go through our predictions on Victoria’s up-and-coming property hotspots for 2021. Whether you’re looking to downsize, invest in property or buy your first home, Victoria has a number of promising locations to consider.

1. Ballarat

ballarat-town-hall

  • Median house price: $322,500
  • Population: 101,500

Looking for character charm in a small city with a fascinating gold mining history? You don’t need to look any further than the famous Ballarat, the largest inland city in Victoria. Apart from its history, Ballarat is renowned for its food, wine, culture and attractions which would please all age groups.

With a low median house price, Ballarat presents a more affordable option for city-living in Victoria. Investors might like to consider purchasing a family home, as you can get a substantial home for a reasonable price tag. Despite having a large population, and plenty of amenities that you’d see in a major city, Ballarat still has that friendly country town atmosphere.

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2. Mornington Peninsula

victoria-beach-boxes-colourful

  • Median house price (in Mornington): $900,250
  • Population: 155,000

The Mornington Peninsula is located south-east of Melbourne and is best known as a popular holiday destination, often attracting affluent Melbournians visiting for the weekend.

Property investors might like to consider buying a property to lease out as a short term holiday rental home. Otherwise, the region makes a pleasant permanent place to live too. Its proximity to Melbourne means that commuting can be an option for those wanting to make the most of a seaside lifestyle.

3. Geelong

geelong-coastline-early-morning

  • Median house price: $893,500
  • Population: 253,000

Geelong is a fast-growing port city with low vacancy rates south-west of Melbourne. Being a mid-sized city, it suits just about anyone. Families looking for affordable housing in the suburbs, young professionals looking to live centrally and anyone who wants a slice of coastal living by the foreshore can all enjoy Geelong. There are many schooling options available, as well great healthcare services, arts, culture and a thriving food and retail scene.

Due to being located only an hour from Melbourne, Geelong has the potential to be a commuter city. Many residents already do this thanks to the easy train line and transport connections into Melbourne’s CBD. Alternatively, the city is substantial enough in size to have employment options of its own and remote workers can also benefit from the more affordable lifestyle.

Due to its varied population and many opportunities, property investors and owner-occupiers alike will find great housing options in Geelong.

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4. Surf Coast Shire

lorne-beach-victoria-australia-vic-gumtree

  • Median house price (in Lorne): $1,477,500
  • Population: 32,250

Just south-west of Geelong and at the start of the iconic Great Ocean Road is the beautiful Surf Coast Shire. Home to the picturesque beachside suburbs of Lorne and Anglesea, this is a region to unwind, have a swim and enjoy the scenery. Like the Mornington Peninsula, the Surf Coast Shire also offers a great short term holiday rental investment opportunity.

Regardless of whether you choose to invest or live in the area, the Surf Coast Shire is sure to offer an unbeatable lifestyle filled with surfing, community and natural beauty. But all this doesn’t come cheap - the region is one of the priciest in the state.

5. Bendigo

bendigo-view

  • Median house price: $485,500
  • Population: 120,000

In many ways, Bendigo is very similar to Ballarat. Located inland in central Victoria, Bendigo is another former gold rush town with heritage streetscapes, a bustling art scene and plenty for tourists to see. The mid-sized city is seeing a lot of infrastructure developments, bringing employment opportunities and change to the area.

Investors and prospective owner-occupiers will be delighted to see Bendigo’s very reasonable median house price that sits below $500,000. Property investors have many options to consider in the city, including holiday rentals and long-term rental properties.

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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.

Tags: home loan, lender, first home, first home buyer, new purchase, beach living, investing, investment, investment property, retirement planning

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