Rural and coastal lifestyle markets remain a prime target for buyers

The rural and coastal lifestyle market is correcting in line with overall conditions across the state and experiencing slightly less competition than this time 12 months ago, according to Elders rural and lifestyle sales manager Peter Lindeman.

“Off the back of a booming market fuelled by high commodity prices, cheap money, back-to-back years of high rainfall and COVID – despite the correcting taking place, the rural and coastal lifestyle markets remain a prime target and quality properties across the region are still attracting strong interest,” Mr Lindeman said.

“While buyers have been acting with more caution due to ongoing interest rate rises, rates now appear to stabilising, which should increase buyer confidence.

“Our marketplace, given its proximity to Melbourne remains of interest to families and individuals tree-changing from metro to live rural and work remotely.”

With strong sales of broadacre properties particularly in the western district, interest also remains high with farmers and large landholders retiring, downsizing, and investing in the area.

This is underpinned by the infrastructure of the strong regional hub of Geelong offering a diversity of employment opportunities in government services, educational, agriculture, lifestyle, medical and retail segments.

Mr Lindeman said that looking ahead, as the marketplace became accustomed to the normalising of interest rates, there would continue to be opportunity for both buyers and sellers across the rural and coastal lifestyle markets around Geelong and across the Bellarine.