That’s the spirit: distilleries boosting regional property markets
Distilleries are giving a spirited boost to the property markets in Regional Victorian towns, according to an analysis by the Real Estate Institute of Victoria.
The Whiskery on the Bellarine is a great example of this, where Drysdale’s median price has increased by over $127,000 in the past 12 months.
Although whisky drinkers alone are not the main driver of property values in this this region, distilleries, wineries and great eateries all contribute to making the Bellarine a favourite for home owners and investors.
REIV president Robyn Waters said that the study showed that median house prices have soared over recent years in regional towns where distilleries have been established.
“Victorians’ love affair with all things artisanal has seen gin joints, whiskey dens and vodka purveyors popping up all over the state,” Ms Waters said.
“We love our culinary culture and appreciate fine craftmanship in all its forms, including spirits.
“Tourists and locals are flocking to these distilleries to sample their wares which has created jobs, vibrancy and new economies for these regional towns.”
Ms Waters said that, in some cases, distilleries have become the social and leisure hub of the town and have become the anchor for other complimentary business such as restaurants and clothing shops.
“Of course all of this combines to have a positive impact on real estate in these areas,” Ms Waters said.
“Take Healesville for example, the home of Four Pillars Gin, where the median house price has increased 37.54 per cent in the past four years, going from $435,500 in the 12 months to March 31, 2015 to $599,000 in the 12 months to March 31, 2019.
“There has also been strong median growth in Bright, where the Reed and Co Distillery opened in 2016, and Kyneton where Animus Distillery was founded in 2015.”