Best Places to Invest in Real Estate in Victoria
The real estate market of regional Victoria is famous all over Australia, because of the lucrative properties that have come up in recent years.
Cities like Ballarat Geelong and Bendigo have had a huge rise in the price of real estate, with the rates increasing by almost 20 percent. Property valuations in Melbourne have increased by 10.4 percent per year, whereas rural Victoria has grown by a stunning 18.1 % per year.
Thus, it seems like no matter wherever you go in Victoria, whether Warrnambool in the southwest to the Dandenong Ranges, there isn’t a region of the land that hasn’t had a gain in price throughout the previous year.
Here are a few places in Victoria that you cannot miss while looking for real estate properties in the city.
The cities in the Latrobe Valley have seen rapid value hikes, and Traralgon, with the largest population, has followed suit in a region where a large amount of money is being invested in infrastructure.
There are almost no vacancies available, the revenue activity is increasing with every passing year, and the average value increased by 5% to $360,000 in the most recent year.
Large road and rail enhancements, the continuous development of Latrobe Regional Hospital, and significant power and resources developments in the greater area, are a few of the many benefits of Traralgon.
Geelong is also one of the largest and most prominent areas of regional Victoria, with excellent communication and connectivity with Melbourne’s CBD.
Over the past few years, Geelong has shown a steady rise in the real estate market. The growth especially increased during the pandemic years of 2020 and 2021. It is also regarded as the fastest developing property market and according to scholars, it will continue to grow in the coming years.
Besides having such meteoric development, Geelong is also predicted to show huge development in the fields of technology, education, health sectors, industry, and also the government. Therefore, if you’re considering investing in properties in Victoria, Geelong should be among the top few names.
It is one of the most affordable places you can potentially invest in real estate, while in Victoria. The average rates are going at $420,000 as of now, and are negotiable up to as low as $335,000.
Further, Melton is situated in a high-development area and is well connected to Melbourne’s CBD, which is only 35 minutes away. Around 32.9 percent of the residents of Melton are renters, with annual gross yields of 4.16 percent.
Like Geelong, another important region with huge market growth is Ballarat, situated just an hour and a half away from Melbourne’s central.
Ballarat experienced a huge spike in the real estate market during the COVID pandemic when the city residents started looking for properties away from all the city chaos to a more peaceful place.
Thus, Ballarat has become one of the speediest communities in rural Victoria, with a benchmark housing value increase of 17.6% in the last year and 58.7% in the last five years.
The market has significantly spiked because of the refurbishment of the Ballarat railway and healthcare services, as well as the development of excellent road transport facilities. Alfredton and Soldiers Hill are among the most famous suburbs to invest in Ballarat.
Another important community in regional Victoria is the seaside city of Warrnambool, where the prices are on a constant trail of increment.
Many purchasers are attracted to Warrnambool because of its outstanding infrastructure and inexpensive environment, which is pushing up the average house value. In the past pandemic year, the property market has seen an increase of about 13.2 percent because of the excellent amenities the community offers.
If you’re finding difficulty in deciding the place you want to invest, contact Eynesbury Estate and they will help you explore several lucrative options within your budget.
Over to you…
So, if you are planning to invest in a property in regional Victoria, the above-mentioned communities and towns should be at the top of your list. With increased developments made in the area of technology, education, and healthcare, they receive maximum prominence from the realtors of the city.