Three regional VIC areas grabbing everyone’s attention in 2021

The COVID-19 restrictions may have eased, but the repercussions of the pandemic are far from over. Notably, a surge of internal migration as Melburnians flock to more affordable regional areas. We’ve identified three regional Victoria areas, in particular, are grabbing everyone’s attention.

The pandemic has created a shift in many different things; learned hygiene behaviour, remote working and a population spike in regional areas. In fact, since mid-2020, regional real estate agents have been stunned at the increase of demand in their areas, with some reports that an unprecedented 85% of buyers are out-of-towners.

While Melbourne experienced an 18% decrease in house sale volumes, regional areas saw a 3.7% elevation of sales late last year. The refocus onto Victoria’s regional areas is the result of people shifting their lifestyle, financial and working priorities.

Interestingly, according to recent reports, the COVID-19 pandemic has accelerated regional population growth and regional property demand. If you’re considering a tree change, here are a few of the most popular regional Victorian areas that’ll be sure to catch your eye in 2021.

Thinking of relocating? Here are three regional VIC areas grabbing everyone’s attention in 2021

Geelong

On the outskirts of what you might consider ‘regional’, Geelong offers bay, beach and city-style living with bushland and historic charm to boot. Geelong is home to the country’s second-oldest AFL team, the Geelong Cats, with deep roots in Aussie rules footy history.

At the turn of the century, Geelong’s economy was driven by sheep farming and wool production. Now, Geelong’s economy thrives with arts and lifestyle, health services, education facilities, food and wine regions that never disappoint.

This regional gem is one of the largest regional cities in Victoria and as one of Australia’s fastest-growing regions generates a lot of interest from city slickers. Comfortably located southwest of Melbourne, Geelong is situated in an alcove of Port Phillip Bay. Only an hour or so drive from Melbourne’s CBD, Geelong offers various living options to suit any lifestyle.

Geelong residents are genuinely spoiled for choice with city, bay, coastal, suburban and rural options on offer – if that doesn’t grab your attention, then its ‘congestion-free’ appeal will. Despite its modern-age facade, Geelong remains true to its heritage beginnings, with many original buildings in the city centre in true opulent fashion.

Within the past 12 months, Geelong has witnessed an impressive five per cent increase in house values amid COVID-19.

Meanwhile, Geelong’s average house prices are varied; on the one hand, the inner-city area has an average house price of $825,000. On the other hand, more inland areas, like Belmont has a median home price around $585,000 and is only a 10 min drive from the waterfront.

Browse Geelong properties for sale.

Bendigo

Located 150km north-west of Melbourne CBD, Bendigo is a hub of regional living. The town was built on the gold rush legacy after gold was discovered back in the 1850s. The beginning of the 20th century saw a wave of mining and agricultural restructuring that transformed Bendigo from a country town into a developing urban city.

The drive to Bendigo shows a montage of rolling landscapes, sheep and cattle farms, barns and bushland.

Bendigo offers a pleasant surprise to visitors: modern shopping districts, fantastic café culture, a top-rated university and art exhibitions. Up to 3 million visitors a year come from all over to enjoy the art scene and events that fuel Bendigo’s tourism trade.

One of its most appealing features is its Federation-style architecture. On almost every corner of the CBD, you’ll find a string of Federation-style structures everywhere you turn. From intricate metal panelling, red-brick and weatherboard structures, decorative gargoyles and marvellous stain-glass windows, each house showcases the historical treasure unearthed in gold rush Bendigo.

The city of Bendigo and its surrounding areas, namely Huntly and Kangaroo Flat, has experienced rapid growth of house prices due to its increase in demand. Last year, Bendigo experienced a 7.7% increase in house prices. Median house prices are an appealing $435,000 while units sit at an average price of $366,000. Not too shabby, right?

Browse Bendigo properties for sale.

Ballarat

Ballarat lies only an hour and a half west of Melbourne. Its grand turn-of-the-century architecture also reveals another beneficiary of the gold rush era. Now a bustling regional city, Ballarat shows off the best of regional living.

During the COVID-19 pandemic, Melburnians continue to swap out city living for the slower-paced country lifestyle to take advantage of cost-effective living with more space.

Ballarat witnessed a surge of buyer interest in a similar capacity to its regional counterparts with a median house price of $550,000. In turn, Ballarat’s centre saw a capital growth of over 12% in the last 12 months. With average house prices like this, it’s not hard to imagine why Melburnians are looking to cash in and sell up their city homes in pursuit of a more comfortable country lifestyle.

Ballarat’s historical style offers a range of weatherboard and brick bungalows adorned with Federation charm while also offering modern-style homes that won’t break the bank. Furthermore, Ballarat is just a short 40-minute drive from Daylesford, which serves as a famous spa-country escape for many Melburnians.

Browse Ballarat properties for sale.

While the country is still on the cusp of pandemic recovery, these three regional areas are experiencing strong buyer interest and demand growth. We anticipate this trend will continue into 2021 and attract homeowners for their next real estate decision.

Now is the time to cash in and settle down in some of the state’s best regional hubs. 2021 is looking like the year to sell for a record number of Melburnians looking for more space, less financial strain and less hassle.

While the market is finding its feet amid post-pandemic trends, Melbourne’s property valuation is the first step in making the change. Understanding the value of your property of interest will allow you to take advantage of regional living by finding a home that ticks all the boxes for you.