Regional Victoria's Property Market Sees Notable Decline Amid Opportunities
When we talk about Australia’s property market, it’s no secret that Sydney and Melbourne often dominate the conversation. However, 2024 has shone a spotlight on regional Victoria, which has faced a challenging year as the country's worst-performing property market. According to CoreLogic, property prices in regional Victoria have dropped by 2.8%, creating a buyer’s market and unique opportunities for first-home buyers.
Take the story of Claire Tennant, a Sydney native who relocated to Bendigo with her family. After years of enduring long commutes and sky-high expenses, she sold her Sydney property and bought a house in Bendigo for $665,000—slightly above the median regional house price of $649,899. This move wasn’t just about affordability. It was about reclaiming time and balance. The Tennants now enjoy a lifestyle where they aren’t trapped in traffic, and the children have access to more activities and space. For them, this relocation has been transformative.
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Despite being labeled the “worst performer of the year,” this decline is nuanced. Regional Victoria's affordability and reduced investor competition have opened doors for first-time buyers. Economists like Kaytlin Ezzy attribute this trend to high land taxes and increased listings, which have cooled investor interest and shifted the market dynamic. Areas like Venus Bay saw declines as sharp as 15.4%, while others, such as Shepparton, showed resilience with values climbing up to 11% in select suburbs.
The market correction, while daunting for some, has its benefits. Experts emphasize that many regions experienced rapid growth during the COVID-19 pandemic, making this downturn a healthy recalibration. Moreover, with predictions of potential interest rate cuts in 2025, industry leaders believe this lull may soon give way to renewed growth.
For now, regional Victoria offers a compelling narrative—a market in flux, where challenges coexist with fresh opportunities. It’s a lesson in the cyclical nature of property markets and a reminder of the potential that lies in strategic, well-timed investments.
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