Growth Market in Regional Victoria
With a dramatic increase in the number of sales between August and September the reported decline in the Melbourne market doesn’t appear to be affecting our regional area.
Our team were recently lucky enough to have a visit from Terry Ryder, the creator and owner of Hotspotting, a site which helps identify emerging property markets. He has three decades of experience as a researcher and commentator.
His insights about the regional property market were very informative and positive for property owners in regional areas. In his recent article on the topic published on the Property Observer he wrote,
“While the Melbourne market has been in decline in the past 18 months or so (generally speaking – some sectors have strongly resisted price decreases), there’s been notable price growth happening in Victoria markets outside the state capital.
Over the past 12-18 months, I have nominated Regional Victoria as the strongest market in the nation. Regional Victoria has been – and still is – one of the nation’s outstanding jurisdictions on price performance.”
He specifically noted that locations a greater distance from Melbourne, including East Gippsland, are now experiencing growth in prices.
“And now growth markets are being found in locations more distant from the state capital, including Wodonga, Wangaratta, Echuca and Mildura. Some of the towns of East Gippsland (where I was last week, speaking at two events in busy Bairnsdale) are showing signs of growth as well.”