The Regional Victoria market continued to improve in 2023, following the lead from Melbourne, although not rising as dramatically as the capital city has recently.

 

As the year wore on, Regional Victoria built on the recovery evident in mid-year, with the number of rising locations almost doubling in the second half of 2023.

 

Two-thirds of locations have positive trends with their sales activity, which means buyer demand, although some locations have been slow to join the overall theme of revival and growth.

 

To put the Regional Victoria market into perspective, the 66% of locations with positive trends is a solid performance, but well short of Melbourne (87%), Brisbane (85%), Regional Queensland (76%) and Regional South Australia (74%).

 

Geelong continues to be a market leader in Victoria, with most of its suburbs on board with the state’s recovery, led by locations such Armstrong Creek and Charlemont.

 

Bendigo has an equally positive market, with strong buyer demand for affordable suburbs like Eaglehawk which has a median house price $515,000 – a price level that’s impossible to find in the Greater Melbourne area.

 

Ballarat is a little less bullish at this stage, but has been a very solid growth over the past five or so years.

 

The Cardinia LGA on the south-eastern fringe of Greater Melbourne has good momentum, led by the towns of Officer (median price $715,000) and Pakenham (median price $640,000).

 

The Mitchell LGA, on the northern outskirts of Greater Melbourne, continues to attract buyers from the capital city. All five of the main Mitchell Shire towns have positive trends, headed by Wallan and Seymour.

 

The Macedon Ranges LGA is also a solid performer, led by Kyneton, as is the Moorabool LGA headed by Darley and Bacchus Marsh.

 

The Latrobe Valley region east of Melbourne is characterised by consistent markets, including Moe (median price $365,000), and Newborough (median price $417,000) – again, with relative affordability a major attraction for home buyers and investors.

 

Other regional centres with good momentum include Wodonga, Wangaratta, Benalla, Bairnsdale, Paynesville, Drouin and Echuca.

 

Overall, the appeal of the Victoria market is that it provides affordable options in strong, growing regional cities like Bendigo, Geelong and Ballarat which are well connected to Melbourne by road and rail – as well as other options further afield like Shepparton, Mildura, Wodonga, Warrnambool and Traralgon.