Regional & Rural Market Review + New Listing Sneak Peek
With Melbourne’s December quarter residential median value reaching $936,073^ and predicted to grow by a staggering 10% in 2021; selling in Melbourne now and buying in country or coastal regional Victoria could potentially park $394,350* in your superannuation account.
Regional Victoria’s combined average residential median price for the December quarter was $541,723*, a discount of $349,350* on Melbourne’s median value for the same period. “It’s no wonder Melburnian’s are pursuing country and coastal lifestyle change in unprecedented numbers” said Mr. Hellyer from Ray White Rural Victoria “it’s simple maths, property in Regional Victoria is terrific value when compared to Melbourne”. The residential changeover between Melbourne and regional Victorian property often allows the consumer to free up capital to either pay down debt, renovate the new acquisition, plan for a holiday or top up superannuation.
Properties in the 6 Regional Shires directly surrounding metropolitan Melbourne are being targeted by Melbourne owner occupiers as an affordable alternative to permanent suburban living. Murrindindi Shire to Melbourne’s north-east, which includes the townships of Marysville, Alexandra and Lake Eildon, is the best ‘value for money’ region with a residential median price point of $465,000*; nearly half that of Melbourne’s residential median. At the other end of the spectrum, the Mornington Peninsula Shire takes the accolade for the most expensive Shire with its residential median value sitting at $930,000*, only slightly less than Melbourne.
“Exacerbated by COVID, the exodus of people out of Melbourne looking to relocate to regional Victoria seems to be ongoing” Mr. Hellyer said, “I’d say 50% are looking to relocate immediately whilst the other 50% are looking to purchase now and utilise the property as a weekender until they’re ready to retire”.
Residential, coastal and country lifestyle property throughout Victoria is in high demand with newly listed property often sold within days. As a consequence, regional property values have risen over recent months and with COVID still in play and historically low interest rates predicted to remain stable for the foreseeable future, the upward trend is likely to remain.
Ray White Rural Victoria
Mobile: 0403 043 571
*Source – Source = *PriceFinder.com.au December quarter combined average median price for LGA’s across Regional Victoria. ^Article ‘House prices predicted to rise by up to 10 per cent in 2021’ written by Melissa Heagney, Senior Journalist at Domain.com.au 2nd February 2021.
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