REGIONAL VICTORIA ’ S BOOM DUE TO THE COVID-19 PANDEMIC
Jacki Leetham , Moira Shire Council
INTRODUCTION When Victoria received the news from Premier Daniel Andrews , on Sunday 22 March 2020 , that he would implement a shutdown of all non-essential activities over 48 hours , no one could have predicted what Victorian ’ s were about to endure over the next two years ( 1 ). International flight closures , more than 260 days in lockdown , job losses , state and territory border closures , and the decline in imports and exports .
The Coronavirus modelling from the Victorian Treasury and Finance , predicted unemployment increasing to 11 per cent , and property prices to fall by up to 9 per cent by the end of 2020 . At this “ infancy ” stage of the pandemic , the modelling assumed the Coronavirus restrictions would remain in place for six months ( 2 ).
As the pandemic developed , the state waited anxiously to see what Premier Andrews ’ next media announcement would bring . Regional Victorians started experiencing shorter lockdowns , or no lockdowns at all , compared to our Melbourne counterparts .
While uncertainty loomed for our country ’ s economic future , and for the health and wellbeing of our resilient and wonderful population , different trends began to emerge across regional Victoria .
In contrast to Treasury ’ s predictions , many regional Victorian councils , including Moira Shire , started experiencing a decrease in unemployment , an increase in industry output , and increasing property sale and rental prices .
MOIRA SHIRE Moira Shire is strategically positioned on the Victorian side of the iconic Murray River , running from the towns of Barmah to Bundalong , two and a half hours north of Melbourne . It sits within the Hume Region ( inc . Alpine Resorts ) of Local Government Areas ( LGA ). The shire covers over 4,045 square kilometres , and is bounded by the Murray , Goulburn and Ovens Rivers . Its neighbouring LGA ’ s are Greater Shepparton City Council , Campaspe Shire Council and Indigo Shire Council .
PROPERTY SALES AND RENTAL DEMAND Since the beginning of the pandemic , regional Victoria has experienced significant property price growth , and an increase in developer interest for residential , commercial and industrial land .
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