The regional hotspots on the radar

Property prices in regional Australia may have skyrocketed in the past eighteen months, but that doesn’t mean there aren’t any investment opportunities left to be had, according to experts.

We surveyed buyer’s agents to find out their top ‘bridesmaid’ picks – the suburbs or towns that neighbour high-growth, well-known locations but are yet to reach their own full potential.

In regional Victoria the towns and suburbs to watch include Hamlyn Heights, Ballarat East, Portarlington and Maryborough.

While Hamlyn Heights, in Geelong’s west, had traditionally been a “modest income earner’s suburb,” it was rapidly changing, said buyer’s agent Cate Bakos.

“This is a gentrifying suburb with large blocks, cute family homes (both weatherboard and brick), a peppering of villa units and a lot of friendly streets that remind me of the 1960s, where kids played in the street until sundown and Sunday roasts brought the family together,” she said.

“What is interesting is the generous block size and opportunity for developers who are eyeing off this rapidly changing postcode,” she added.

Ms Bakos recently purchased a four-bedroom house at 8 Hamlyn Avenue, Hamlyn Heights on behalf of a client for $770,000.

In Ballarat, Ms Bakos said that Ballarat East had long been in the shadow of other suburbs but was now enjoying a surge in popularity, particularly among those keen to renovate.

“Lots of wonderful miner’s cottages, Victorian houses and a lot of low density boutique townhouses make up Ballarat East,” she explained.

“It’s a popular spot for those who wish to buy period homes for renovation, and the position of the suburb (on the Melbourne side of town) gives it an edge for commuters and those who work in the city. It is easy to get to the city centre and the train station from Ballarat East too.”

Buyers could secure a house with a budget of $450,000 to $750,000 or a townhouse for $350,000 to $550,000.

Buyer’s agent Lloyd Edge of Aus Property Professionals nominated Maryborough as his pick for Victorian investments, citing its proximity to Melbourne as a driver for future growth.

“People who can’t afford Melbourne are moving that way. It’s only 168 kilometres from Melbourne and 60 kilometres from Ballarat, which has seen a lot of growth already,” he said.

He advised investors to seek out houses on blocks more than 600 square metres in size, with a $250,000 to $450,000 budget likely to be enough to secure the right property.

– BY REALESTATE.COM.AU