Regional Victoria: Welcome to the ‘good life’…

Written by in Buying on September 12, 2014

It seems that those in search of a better life are running for the hills and finding it in regional Victoria- and it’s not hard to see why. Regional Victoria covers the wider vicinity surrounding metropolitan Melbourne. From the coastal villages of the peninsulas to breathtaking alpine towns, it is easy to feel worlds away from the ‘rat race’. But with the distance to metropolitan Melbourne “shrinking” with various developmental initiatives, regional Victoria seems to offer the best of both worlds. Ever considered making the ‘tree change’? Here are a few reasons why we think you should.

 Room to grow

‘Room to grow’ is most certainly an apt expression to describe all facets of regional Victoria’s development. The government appears to be catching on to its potential, as evidenced by various recent initiatives. A $25 million investment was recently announced to establish critical infrastructure in the Ballarat West Employment zone. Other Central Victoria projects commanding Federal funding include the redevelopment of Bendigo Airport and the $1.1 billion Bendigo Hospital. There are a range of schemes devised to improve roads along the Princes highway and Geelong Ring Road connection, as well as the Ballarat to Stawell highway. Such developments intend to enhance commuter life and general liveability for residents. Further to these government- led investments, low interest rates have also given investors a real sense of optimism regarding the longevity of the area. One can only imagine the positive impact such advancements would have on long- term employment and economic growth.

Where the grass is always greener

Having the home you’ve always dreamed of is within reach in regional Victoria. Regional house prices have experienced an impressive 4.1% year on year growth, which is indicative of the area’s increasing development and popularity. REIV’s latest median house price data shows great variety within state, from sought after commuter belt areas such as Macedon ranges commanding $540,000 which contrast to towns such as Ararat, with one of the state’s lowest medians, sitting at$190,000. Interestingly, Ararat’s positive growth rate of 26.7% is also mirrored in the wider regional Victoria area, suggesting home buyers are picking on these ‘up and coming’ areas and nabbing what bargains there are to be had.

More than a lifestyle

Regional Victoria provides the opportunity to affordably achieve an array of lifestyles for different home buyers. Despite such increases, when compared to Metropolitan Melbourne house prices, the discrepancy in affordability is undeniable. Established local agent, Brett Stanley, says that there is a real diversity of home buyers, but regional Victoria is particularly appealing to the finance- conscious and lifestyle- seeking investors. Mr Stanley says “there’s something here for everyone- jobs, great schools, hospitals and childcare centers… our buyers like the community feel- the idea that you walk down the street and people know your name”.

Regional Victoria can tick many different property buyers’ boxes- from urban areas for the Cosmopolitan Commuter, to wide open spaces for families making the “tree change, to stunning coastline for holiday makers, to high country for lifestyle- seeking retirees.

Ever considered making the change? This is the sign you’ve been waiting for.

Your search starts here.

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Image credit: Kathryn Potempki at Dreamscope Photography.