Buying

Regional Area Prices Cvershooting Some Inner Melbourne Suburbs

March 23, 2020

Whether you’re a retiree searching for fresh air and serenity, or a young family after bigger blocks and less hustle and bustle, there are a multitude of reasons that draw people to regional suburbs.

It used to be that the further away from the capital you went, the cheaper you could buy a house. Well, data shared by Domain.com.au is showing us that this is not always the case! So, we’ve compared some of Victoria’s sought-after inner suburbs with some regional suburbs that have seen phenomenal growth recently.

It has been found that there are now 47 regional or Mornington Peninsula suburbs that are more expensive than Melbourne’s 20 cheapest suburbs. Property prices in regional Victoria have increased overall by 8% in the year to December 2019, according to economist Trent Wiltshire. He says this is in part due to strong population growth, particularly in the bigger towns only a few hours’ drive of Melbourne.

Comparison Data

This regional area is more expensive…     Than this Melbourne suburb…     But why not try…    
Suburb Area MHP Suburb Area MHP Suburb Area MHP
Barwon Heads Bellarine Peninsula $1,010,000 Yarraville West $950,000 Portarlington Bellarine Peninsula $625,000
Mount Martha Mornington Peninsula $947,500 Mordialloc Inner South $900,000 Mornington Mornington Peninsula $807,500
Macedon/Mt Macedon Central Victoria $900,000 Preston North East $888,000 Kyneton Central Victoria $600,000
Newtown Geelong $803,500 Footscray West $788,750 Herne Hill Geelong $535,000
Lake Wendouree Ballarat $760,000 Pascoe Vale North $730,000 Soldiers Hill Ballarat $480,000
Port Fairy South West Victoria $630,000 Altona Meadows West $625,000 Warrnambool South West Victoria $368,500
Source: Domain House Price Report, December quarter 2019

Regional towns offer a relaxed lifestyle, which is why so many people are drawn to them. Despite being further away from greater amounts of resources, people are still willing to pay the price for their dream town. The communities are welcoming and engaging, and they offer lots for young families like schools, sports clubs, the beach or the countryside (any nature is good nature!), and much more.

As can be seen in the table though, the high prices on the more popular suburbs can be out of reach. Therefore, we suggest looking for towns in the same area with a lower median house price as an alternative.

Original article can be found here: https://www.domain.com.au/news/the-victorian-regional-areas-where-house-prices-are-more-expensive-than-some-melbourne-suburbs-929798/

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