We’ve all seen coverage in the media recently about the growing number of Melburnians who have packed their bags and made the move to regional centres and seaside towns around Victoria. What many people may not have realised is how big an impact this trend is having on property prices in those areas.
Whilst some of these tree-and-sea changers are the traditional retires who are seeking a different lifestyle outside the metropolitan area, the massive increase in those now working from home, (and therefore not concerned about commuting distance), has changed the picture since the arrival of the Covid-19 pandemic.
The recent release of the latest Domain House Price Report has provided some remarkable numbers on the growth of this market. For example, the June report shows that the median house price in the Hepburn area rose by more than 42 per cent in the past year. If you look a little further afield, Byron Bay in NSW saw an astonishing 51 per cent leap over the same period!
The sea change movement is also having a profound impact on property prices closer to Melbourne. For example, whilst the Domain report showed that the Melbourne median house price grew by just over 16 per cent in the last financial year, despite the impact of the pandemic and associated lockdowns, median house prices on the Mornington Peninsula lead the way for the state, growing by 21.8 per cent.
The trend was similarly stark for units, with the Melbourne median growing by 5.2 per cent while units on the Peninsula grew by 18.7 per cent.
Statistics like these are particularly relevant if you are a Victorian who is considering making a move to a seaside town or one of our regional centres. Price growth like this only comes about in the face of strong buyer competition, so you need every advantage possible in order to secure the right property in the right place at the right price.
One way to ensure that you get the right result when selling in Melbourne and buying elsewhere is to have one of the team from Ian Reid Buyer and Vendor Advocates by your side to assist and advise you on both sides of the transaction.
To arrange a stress-free transition to your new lifestyle, why not give us a call on 9430 0000 today to discuss your options? You’ll also find lots of helpful suggestions for property sellers in our free booklet, “Fatal Real Estate Traps Exposed”.