With Melbourne’s residential median value reaching $936,073 in the December quarter, one agent says selling up in the capital now and buying in country or coastal regional Victoria could potentially boost your retirement savings.
Regional Victoria’s combined average residential median price for the December quarter was $541,723, a discount of $349,350 on Melbourne’s median value for the same period.
“It’s no wonder Melburnians are pursuing country and coastal lifestyle change in unprecedented numbers,” said Jason Hellyer from Ray White Rural Victoria.
“It’s simple maths, property in regional Victoria is terrific value when compared to Melbourne”.
The changeover between Melbourne and regional Victorian property often allows the consumer to free up capital to either pay down debt, renovate the new acquisition, plan for a holiday or top up superannuation.
Properties in the six regional shires directly surrounding metropolitan Melbourne are being targeted by Melbourne owner occupiers as an affordable alternative to permanent suburban living.
Murrindindi Shire to Melbourne’s north-east, which includes the townships of Marysville, Alexandra and Lake Eildon, is the best ‘value for money’ region with a residential median price point of $465,000; nearly half that of Melbourne’s residential median.
At the other end of the spectrum, the Mornington Peninsula Shire takes the accolade for the most expensive shire with its residential median value sitting at $930,000, only slightly less than Melbourne.
“Exacerbated by COVID, the exodus of people out of Melbourne looking to relocate to regional Victoria seems to be ongoing,” Mr Hellyer said.
“I’d say 50 per cent are looking to relocate immediately while the other half are looking to purchase now and utilise the property as a weekender until they’re ready to retire.”
Residential, coastal and country lifestyle property throughout Victoria is in high demand with newly listed property often sold within days.
As a consequence, regional property values have risen over recent months and with COVID still in play and historically low interest rates predicted to remain stable for the foreseeable future, the upward trend is likely to remain.”
In Yarram, Mr Hellyer has an impeccable thoroughbred and cattle stud for sale that was the former home of Group One winning gelding Hey Doc in Gippsland.
From the grand driveway entrance framed with established trees and excellent post and rail fence to the planted shelter belt of native flora at the rear of the property, Hyland Estate is impeccable.
Meanwhile in Walkerville, there’s a stunning custom built retreat on 4.33ha called Seascape with a contemporary home with rustic use of timber overlooking Cape Liptrap Park.
Overlooking Morgan's Beach, Seascape combines contemporary living with the natural surrounds of coast and country.
Gary Judd and Jane Cameron have owned the block for the last 18 years, and built their holiday house 16 years ago. “The brief to the builder was to build an awesome holiday home even though we only live an hour down the road. We love it here. Phillip Island can be a bit crowded but this part of southern Gippsland is a total gem,” Mr Judd said.
“We have views to the north and west so we have both a lush rural view and the ocean. One of the best things is the only access to the house is via a private road with a locked gate to one of only 10 properties. So it's very private.” The owners are downsizing and have plans to go travelling once again.
Both these properties are set for auction on March 26, with price guides of $1.8 million.
