Research shows that properties are earning four times more than the average income of regional homeowners. This is thanks to sea and tree change buyers accelerating their move to regional towns due to the pandemic.
The boom is widespread and includes, but is not limited to the surf coast, Bellarine Peninsula, alpine regions, Daylesford area, Phillip Island and its surrounds.
As more people are working from home, they can see the benefit of moving away from metropolitan Melbourne and only coming down once a week should the need arise. Life is a little slower and more tranquil compared to the rat race that is sometimes metropolitan Melbourne. Given how uncertain and tumultuous the last couple of years have been, is it any wonder we are looking for some peace and quiet?
There are some great schools in regional Victoria along with wonderful sporting and recreational facilities so the kids are also covered.
Buyers are seeing that the work-life balance is achievable sooner than they had anticipated for their families and are taking advantage of the situation.
We are, however, seeing a supply/demand issue as there just isn’t enough properties on the market, so buyers are looking at nearby or “next best” suburbs with the option of being able to move to their ideal location should the opportunity arise.
If you are looking to make a lifestyle change to regional Victoria, now is the time as there is no indication of prices cooling down. In fact, with summer around the corner and restrictions easing you can expect things will only heat up!
Drop us a line if you'd like to discuss your own real estate needs. We're here to help.