While Melbourne's property market saw minimal movement in the June quarter, regional Victoria defied the trend with several areas experiencing significant growth. Greater Geelong, Greater Bendigo and Melbourne's western suburbs emerged as the standout performers, attracting buyers with their affordability and lifestyle appeal.
Regional markets on the rise
According to the Real Estate Institute of Victoria (REIV), metropolitan house prices dipped slightly by 1.5% in the last quarter, with units following suit with a minor 0.1% decrease. In contrast, regional Victoria displayed a different story. Regional house prices saw a modest increase of 0.2%, while regional units experienced a 1.4% decline.
Geelong takes the lead
Geelong was a clear frontrunner in the regional market, with suburbs like Little River achieving growth of 20 per cent over the quarter, to reach a median house price upwards of $1.5 million. Indented Head reached $955,000 up 10.3 per cent and South Geelong reached $906,250 also up 10.1 per cent. The quarter also saw solid price gains for other Geelong suburbs with Drysdale up 5.9 per cent to $745,000 and Bell Post Hill up 2.7 per cent to $667,500, solidifying Geelong's position as a desirable and thriving region.
Bendigo boasts strong growth
Greater Bendigo mirrored the success of Geelong, with suburbs like Elmore climbing 23.9 per cent to $472,000 and Long Gully rising 12.7 per cent to $445,000. Both Golden Square and White Hills climbed 4.0 per cent to $520,000, while Lockwood South climbed 2.1 per cent to $970,000, showcasing the overall strength of the Bendigo market.
Affordability and livability fuel demand
Bec Allen, from McKean McGregor Real Estate in Bendigo, attributes the city's strong performance to several factors. "The areas of Long Gully, Golden Square and White Hills have seen a surge in market activity due to their affordability and proximity to the Bendigo CBD," she explains. "These suburbs offer an attractive lifestyle with easy access to essential services like schools, cafes, public transport, and green spaces."
Combined with Bendigo's recent recognition as the Most Liveable Regional City, it's no wonder we're seeing a significant increase in buyers seeking a vibrant community and excellent growth potential."
Melbourne's West joins the trend
Melbourne's western suburbs weren't left behind. Melton and Brimbank outperformed the broader market, with several Melton suburbs ranking among the top 20 for quarterly price growth. Notably, Melton also boasts the state's most affordable suburbs. In Brimbank, suburbs like Melton ($474,500) emerged as the most affordable, followed by Melton South ($481,000), Kurunjang ($490,000), Melton West ($527,500) and Brookfield ($550,000).
Melton: A hub of affordability and opportunity
Shane Spiteri, a selling agent at YPA Melton, highlights the diverse factors driving growth in the area. "Melton's location, just 35 minutes from the city, the beach, and the countryside, coupled with ongoing infrastructure development, makes it an attractive proposition," he says. "The new hospital further strengthens the area by providing employment opportunities and excellent healthcare."
Spiteri also emphasises the growing Indian community's positive impact on Melton. "The return of immigration has significantly boosted demand," he explains.
"Melton is a vibrant multicultural community, and it's a place where people from all backgrounds feel welcome."
With affordability, lifestyle advantages, and strong growth potential, regional Victoria and Melbourne's western suburbs are capturing the attention of buyers seeking an alternative to the traditional Melbourne market.
