Mildura, Traralgon, Shepparton and Warrnambool record the most property sales since April 2021

Regional Victorian property sellers have recorded a stellar 12 months as cashed-up city buyers flocked to the country.

Sellers in Victoria’s regional property market have been big winners in the past 12 months, with many cashing in and scoring a top-dollar price for their home.

Despite record demand across all of Victoria, one town has seen significantly more sales in 2022 than any other, according to realestate.com.au’s latest sales volume figures.

In the 12 months to the end of April, Mildura recorded 658 house sales and 141 unit sales, which is 11 per cent and 35 per cent greater than any other regional Victorian town respectively.

In the housing market, the next highest number of sales in the 12-month period to the end of April were Traralgon, with 590 sales, Shepparton, with 568, and Warrnambool, with 482.

Warrnambool has seen 482 house sales and 104 unit sales in the past 12 months.

In terms of the number of units sold, Warrnambool (104), Shepparton (102) and Traralgon (102) were the highest behind Mildura, with Geelong suburb Belmont recording the fifth most in the state with 100 sales.

Ray White Mildura director Damian Portaro said the northwest Victorian property market had been powered by unprecedented interest from local and city buyers with sellers looking to cash in.

“With increased demand and decreased supply on the market, this helped create the price increases we have seen in the last 12 months,” Mr Portaro said.

“Then more sellers have come on the market to try and capture some of that price rise.

“Sellers wanted to make the most of the conditions at the time and that’s why we have seen more volume than normal.

“Some of the increases in the transaction volume are because we have seen more investors selling and looking to make the most of the price rise.”

Mr Portaro said his business was inundated with offers for homes on the market to start the year, but conditions had cooled in recent weeks.

Towns in Gippsland and Victoria’s North East also featured in realestate.com.au’s top 10 regional Victoria suburbs for house sales by volume in the past 12 months.

Warragul (419), Morwell (374) and Sale (351) have topped the chart in Gippsland, with the region recording more than 1100 transactions so far this year.

Meanwhile, Wodonga, with 394 sales, and Wangaratta, with 392 sales, have also proved popular with buyers recording almost 800 transactions combined.

Geoff Morsby from Strathmore with his dog Fleck, moving to Glenrowan. Picture: Yuri Kouzmin

GOODBYE MELBOURNE, HELLO GLENROWAN

Geoff Morsby and his wife, Lynette, are part of a flood of city residents relocating to the regions in search of affordable property, an outdoor lifestyle and an escape from city stress.

A retired environmental conservation officer, Geoff spent much of his 35-year career working across regional Victoria before moving to Melbourne in 1994.

The 68-year-old had always thought about returning to the country, and Covid lockdowns fast-tracked the plan.

“During lockdown we changed address like a lot of city people and went to our holiday house at Goughs Bay,” Geoff said.

“My wife decided after a couple of months that we should consider relocating to an area near there.

“Goughs Bay is a great place for a holiday, but not great for permanent living.”

Geoff and Lynette started house hunting in December, searching for somewhere nearby with a few city comforts, such as easy access to a gym and shopping.

After a three-month search, the Morsbys’ ideal home – a three-bedroom house in tightly held Hamilton Park Estate at Glenrowan – hit the market in April with a guide price of $739,000.

“As soon as it came on the market, we dived for it,” Geoff said.

“There was another couple who were interested as well. They offered market value straight away, and we upped it.”

Having sold their Goughs Bay holiday house in January, the Morsbys had the advantage of being cash buyers.

Listed by selling agent Garry Nash and Co, the charming weatherboard house on 3457sq m was Geoff’s ideal location, bordering the foothills of the Warby Range and about 3km from the Wangaratta Rifle Club and the regional city.

House prices in Wangaratta have been steadily rising, up 35 per cent year on year for the 12 months to March.

The current median of $494,000 is still affordable, however, compared to regional Victoria’s $625,000 median.

Geoff said he hoped the wave of regional migration would be matched by investment in infrastructure, amenities and services in cities such as Wangaratta.

“If you increase population at a level that it can’t be absorbed without providing adequate services, it always causes problems,” he said.