Opportunity in the regions

As we round off the year and begin to turn our minds to 2019, let’s have a look at some of the towns to watch in the Regional Victoria property market.

Regional Victoria is attractive for investors and owner/occupiers (first homebuyers in particular) due to the affordable options it presents compared with the city market. First homebuyer incentives of up to $20,000 are available for people purchasing or building a new home for up to $750,000 in Regional Victoria.

Topping the list of the REIV’s areas to keep an eye on in 2019 is Kilmore where the median house price has increased 20.1 per cent in the year to 30 September to $462,500. The auction market, often a good barometer of interest, has also been strong with 17 sales from 26 auctions held.

Nearby Broadford is second on our list, with a 25.8 per cent increase in its median house price to $400,000 and a new auction record for the town with all 10 of its auctions resulting in sales under the hammer in 2018.

Ballarat Central’s property market is excelling and there is a lot of interest in this regional city. The median house price has increased 9.1 per cent in 12 months and 32 of the 37 auctions Ballarat has hosted have resulted in sales.

Looking across to the Geelong region, REIV data suggests Drysdale is one to watch in 2019 with a 22.6 per cent annual increase in the median house price to $515,000.

The Gippsland coastal town of Loch Sport rounds out the REIV’s top five ‘towns to watch’. On the Ninety Mile Beach, this town is becoming increasingly popular with tourists which is having a positive impact on its median house price, having increased 24.3 per cent in the year to 30 September 2018 and sitting at an accessible $220,000.

In 2019, we also expect the property markets in Koondrook, Wonthaggi, Wendouree, Norlane and Mooroopna to continue their positive run.

To find out more about sales in your area, visit the REIV website Market Insight page at reiv.com.au/market-insights.