Hotspotting: Cobram, Cowes, Lakes Entrance among regional Victorian suburbs next in line for property price boom
Holiday hot spots across the state are among the regional areas forecast for a real estate price surge. SEE THE FULL LIST.
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Popular holiday hot spots Cobram, Cowes and Lakes Entrance have been tipped among regional Victoria’s best prospects for a future real estate boom.
Hotspotting’s spring Price Predictor Index rates the three tourist hubs — along with Darley in Moorabool Shire, Belmont in Greater Geelong, Shepparton and Wodonga — among the top 100 “supercharged” suburbs in Australia on the brink of future price gains.
The markets showed the strongest growth in sale volumes over recent quarters.
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This meant they were most likely to reap impressive future value rises, the report’s author Terry Ryder said.
“History shows there is a correlation between sales volumes and price movements. The number of sales changes first and prices react with a time lag,” Mr Ryder said.
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“This means investors can buy ahead of price growth by finding locations where sales volumes are rising but prices have not yet moved.”
Belmont was the only Geelong suburb to make the list of supercharged markets, but 13 suburbs across Greater Geelong were found to have rising sale activity.
In Belmont, where the median house price is $690,000 according to the report, transactions climbed from 68 to 123 over five consecutive quarters.
In Cobram they jumped from 22 to 65, and in Cowes from 37 to 115.
Lakes Entrance quarterly sale volumes hit 72 transactions compared to 31 four quarters prior.
In Shepparton they rose from 123 sales to 241, in Wodonga from 100 to 155, and in Darley from 15 to 70.
Greater Melbourne’s southeast outposts of Pakenham and Officer were identified as the metropolitan area’s two best suburbs primed for future value growth.
Kerr Real Estate director Andrew Kerr said Melbourne retirees had flocked to Cobram for decades and this had pushed prices up.
Following the onset of Covid-19, more Melburnians who left the big smoke were now opting to live in border towns like Cobram in case the New South Wales border closed.
This meant they could still travel back to the city to see family if necessary.
“It’s certainly been a destination for people over a long period of time,” Mr Kerr said.
“We are finding there’s been a lot more retirees coming this way over the past 20-odd years.
“People have either been camping up here for 20 years or playing golf or playing bowls and they decide to retire here.”
In regional Victoria, 67 locations were identified as having rising markets, compared to 88 in the winter survey.
Regional sale activity had tapered but continued to remain strong, according to the report.
The council regions of Geelong, Bendigo and Ballarat were some of the state’s strongest regional municipal markets.
“Even at a time of major price growth across Australia, the results in regional Victoria are exceptional,” Mr Ryder said.
“Virtually all towns and suburbs record(ed) annual growth in their median house prices.”
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Victoria’s rising regional markets:
Ararat, Armstrong Creek, Bacchus Marsh, Bairnsdale, Ballarat Central, Ballarat East, Ballarat North, Beaconsfield, Belmont, Bendigo, Brown Hill, Buninyong, Cobram, Corio, Cowes, Daylesford, Drouin, Echuca, Epsom, Euroa, Flora Hill, Geelong, Golden Square, Hamilton, Hamlyn Heights, Herne Hill, Highton, Horsham, Kennington, Kialla, Kyabram, Kyneton, Lara, Lakes Entrance, Long Gully, Maryborough, Mildura, Moe, Mooroopna, Morwell, Mt Pleasant, Newtown, Norlane, Numurkah, Paynesville, Redan, Red Cliffs, Sale, Sebastopol, Shepparton, Soldiers Hill, St Albans Park, St Leonards, Strathdale, Trafalgar, Traralgon, Wangaratta, Warragul, Warrnambool, West Wodonga, White Hills, Whittington, Wodonga, Wonthaggi
Source: Hotspotting’s Price Predictor Index, spring 2021 edition
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