Best affordable regional Vic areas to buy in
Wodonga, Bendigo and the Shepparton region have been named among Australia’s best bets for those wanting to buy an affordable home that will set them up for life.
The three municipalities were ranked among the nation’s top 10 spots where buyers could buy today and see their home gain value within the year, with other nominated locations including Cairns in Queensland and Dubbo in NSW.
The Greater Shepparton area was the most affordable option on offer, with houses at $490,000 — despite values there having risen 90 per cent in the past decade.
Bendigo was next, with houses at $570,000 and units at $420,000.
And on the Murray River border of Victoria and NSW, Wodonga’s $580,000 median house price and $380,000 unit price set it up as an affordable option with prospects it won’t stay that way.
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Wodonga has been named among Australia’s best bets for those wanting to buy an affordable home
PRD chief economist Dr Diaswati Mardiasmo said after data mining key factors that contribute to the long-term success of an area’s property market for every council area in Victoria, the three had stood out as the best bets for first-home buyers and investors.
Dr Mardiasmo added that with all three regions also offering homes for well below the caps on government assistance programs, they offered particular value to first-home buyers who wanted more than just the studio or small apartment they might be able to get for the same price in Melbourne.
“These can be places where you are getting away from Melbourne entirely,” she said.
“If other places can give you the same thins as Melbourne … why not move? You can be a first-home buyer in regional areas and thrive.”
The Greater Shepparton area was the most affordable option on offer, with houses at $490,000.
PRD assessed regional cities with home values below the state capital, excluded those without consistent price growth across houses, units and land, and preferenced those with strong rental returns for investors and tight vacancy rates.
With future development pipelines mandatory and strong local employment rates, Dr Mardiasmo said the research indicated these were the areas that could help set first-home buyers up for life with future home value growth that could surpass many other areas.
Regional Australia Institute chief executive Liz Ritchie said Australian migration patterns were changing, with more people leaving Melbourne for regional areas than coming to the big smoke from country towns and cities.
Their analysis of Census data has also shown regional Victoria had the largest net gain of people from 2016-2021, a trend that is believed to have continued since, and been driven by significant movement by Millennials.
Bendigo was next, with houses at $570,000 and units at $420,000.
RAI research shows Bendigo was among the top five Victorian LGAs attracting people from other parts of the state, while Wodonga has also been rated as a hot spot for migration.
Their data also shows that all three areas provide median home prices that are less than nine times the annual income of local workers, a vast improvement on the decades of wages needed to afford a home in many parts of Melbourne.
“The reasons why people are choosing a life in regional Australia varies, but we commonly hear from movers that it is a combination of the job opportunities, lifestyle, affordability, space and ability to gain time through the removal of a long daily commute,” Ms Ritchie said.
“We need to understand that the future of our country has regional Australia at its centre, not at its peripheries.”
The organisation is now working towards a 10-year goal of making regional Australia more prosperous to support those looking to find a home outside of major capital cities.
“Now is the time for a national conversation on strengthening our regions, to ensure their rightful place in Australia’s story,” she said.
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