Despite double-digit annual price growth across the state, regional Victoria continues to offer affordable opportunities for buyers to get a foothold on the property ladder.
The latest REIV December quarter figures show the top 10 most affordable towns in regional Victoria all boast median house prices below $230,000.
Stawell in western Victoria is the state’s most affordable town with a median house price of just $175,000 – less than half the regional median house price of $396,500.
This was closely followed by a number of towns in the Latrobe Valley in Gippsland, including Morwell where buyers can enter the market for a median price of $180,000.
Nearby Moe and Churchill also offer value for money with median house prices of $185,750 and $186,000 respectively.
The Gippsland town of Newborough is another affordable entry point for buyers, with a median house price of $215,000.
Maryborough, Benalla and Red Cliffs also offer affordable alternatives for buyers with median house prices of $200,000, $219,500 and $227,000 respectively.
Buyers on a budget should also consider towns in the western districts, including Horsham and Ararat where the median house price is less than $230,000.
In addition, first time buyers in regional Victoria can also take advantage of a number of government initiatives, including the removal of stamp duty for homes under $600,000. First homebuyers purchasing a newly built home under $750,000 may also be eligible for the First Home Owners Grant, which is now $20,000.
The HomesVic shared equity scheme is also available to buyers on an individual income of less than $75,000 or couples on a combined income of less than $95,000. The pilot scheme requires prospective purchasers to have at least a five per cent deposit, with the Government funding up to 25 per cent of the purchase price. The Government will recover its proportional share of the property on sale.
For more information on median house prices by town, head to reiv.com.au/market-insights.