Ray White Now | September 2021 | Page 16

REGIONAL VICTORIA - GROWTH CONTINUES TO MOVE BEYOND GEELONG , BALLARAT AND BENDIGO

Price growth in regional Victoria has far exceeded Melbourne , driven not just by a lifestyle shift but also decent agricultural conditions further afield . The gap between regional and capital city growth is one of the highest in Australia , likely driven by the particularly long time Melburnians have spent in lockdown since the start of the pandemic .

At a local area , the towns of Geelong , Ballarat and Bendigo were achieving strong price growth prior to COVID-19 and all towns have now seen over 50 per cent price growth over the past five years . Ballarat price growth has increased in excess of 80 per cent and Lake Wendouree , the most expensive suburb in that city , has now hit a $ 1 million median .

A key driver of growth in these towns has been their close proximity to capital cities however it ’ s interesting to see the extent of growth further afield . Towns such as Nhill and Dimboola in the Wimmera region , Robinvale , Red Cliffs and Ouyen in the Mallee and Rutherglen regions , Mount Beauty and Tawonga South in the Alpine region have all seen in excess of 25 per cent price increases . Great agriculture conditions , and lifestyle to a lesser extent , are the main drivers here .

With Victoria largely locked down again , it ’ s likely that price growth will remain solid for the foreseeable future . The most likely driver of price moderation would be any future restrictions to finance .

Growth continuing beyond Geelong , Ballarat and Bendigo

Value change over the pandemic for Victoria

Source : ​ ​Corelogic , Ray White

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