Valentino, Eric and puppy Pepper recently moved from Melbourne into their new home in Torquay’s Quay 2 estate. Picture: Peter Ristevski
The COVID-19 pandemic has extended many Melburnians’ search parameters to include the coast or country, as more homebuyers seek space and affordable housing.
New realestate.com.au data reflects a 58 per cent increase in demand for regional Victorian properties in the past year — nearly four times the growth of metro demand
Inquiries on regional listings also jumped 77 per cent in that period.
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Jan Jac is Victoria’s most in-demand regional area. 10 Camrose Court is on the market there with a $3.3-$3.5m price tag.
National regional housing values have held firm throughout the coronavirus crisis, dropping just 0.1 per cent between March and June, according to CoreLogic’s latest quarterly regional review. Home values fell 2 per cent in the capital city counterparts.
Ballarat boasted the country’s strongest selling conditions, with a typical home changing hands in about 30 days with minimal discounting, the research showed.
CoreLogic’s head of research Tim Lawless said buying regionally presented both advantages and risks.
“On the positive side, housing prices tend to be lower, providing a more affordable entry point to the market,” he said.
“(Plus,) population densities are generally lower, which is something that might be even more appealing as we move through this pandemic. And in many examples, regional areas will offer some lifestyle advantages, either via the location’s proximity to the coastline or wide open spaces.”
Mr Lawless said on the downside, regional economic conditions could be more volatile, so buyers should be wary of areas that relied heavily on a single industry for economic success.
24 Meakin Street, in hotspot East Geelong, is on the market with a $1.2-$1.3m price guide.
Suburbs in Geelong and the Bellarine Peninsula dominated realestate.com.au’s top 10 list of Victoria’s most in-demand regional areas — a result chief economist Nerida Conisbee said was no surprise.
“Regional Victoria has been doing well for a long time,” she said. “In the past three years, the region that has had the strongest price growth (nationally) is Hobart, followed by Geelong. “There has been a renaissance in Geelong — young people have moved in, done up houses, and so there has been urban renewal in those areas.”
Ms Conisbee said the spike in regional interest was in part thanks to COVID-19 and a societal shift towards living a more relaxed lifestyle. Working from home and, as such, having less of a need to live close to the city was another big factor.
“People will return to the office. But there will be a difference in how often, and that does extend the opportunity to live in regional areas,” she said.
Intrapac Property townhouses in Torquay’s Quay 2 estate have been popular with Melbourne-base buyers.
Intrapac Property chief operating officer Max Shifman said metro Melbourne’s stage four restrictions had pushed even more people to look at “(getting) out of the big smoke”.
Inquiries for Intrapac’s Quay 2 development in Torquay are at peak levels. And since the strict lockdown laws came into place, Melbourne buyers had outweighed local inquiries, Mr Shifman said.
Working from home during COVID-19 allowed Valentino and Eric to move to Torquay. Picture: Peter Ristevski
Eric, 27, and Valentino, 38, (pictured) recently purchased their first home: a two-bedroom townhouse in the Quay 2 estate.
The couple had planned to use the property as an investment while continuing to rent a one-bedroom Melbourne apartment to be close to their jobs in the city. But instead, they moved in two months ago due to COVID-19.
“We got the indication working from home could be long term, so we took the leap of faith and moved in,” Eric, who declined to provide his surname, said. “The next question is, do we move back to Melbourne (post coronavirus)? Ideally, we would love to stay.”
Eric said the “silver lining” of COVID-19 had been the chance to move regionally, be close to the ocean, and have enough of space to work at home and adopt their puppy, Pepper.
He encouraged other buyers who enjoyed a quieter, more laid-back lifestyle to consider a regional move.
VICTORIA’S TOP 10 MOST IN-DEMAND REGIONAL AREAS
1. Jan Juc
2. East Geelong
3. Aireys Inlet
4. Bellbrae
5. Geelong West
6. Newcomb
7. Belmont
8. Manifold Heights
9. Newtown
10. Wallington
Source: realestate.com.au
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