Australians who plan to sample real estate investment this year without breaking the bank should consider some of the affordable locations in the Victoria area, according to a market observer.
Bendigo and Latrobe Valley are two places in the regional Victorian market that could be the "best bet" for buyers in 2020, said Terry Ryder, founder of Hotspotting.
"The Victoria Regional has been the rising real estate market in Australia for the past two years. It has surpassed all major capitals, with some regional cities having double-digit annual growth relative to their median home prices, "he told the Herald Sun.
Ryder said the region's high rental yields and low vacancy rates, which are no longer achievable in Melbourne, should attract more investors.
Read also: Five things to look for before investing in the regions
The price hike in the Victoria area started in Geelong and Ballarat and is now flowing into Bendigo and Latrobe Valley.
Bendigo, said Ryder, is one of the main growing markets in Australia. Most areas of the Bendigo metropolitan area recorded annual gains, with Heathcote recording up to 21% growth in median values ??and East Bendigo reporting an increase of 16%.
Despite this, Bendigo still offers affordable options, particularly in the Long Gully and California Gully markets, where median prices are below $ 290,000.
Bendigo's vacancy rates have reached 0.5%, which indicates a good sign for investors.
"There is almost nothing available for tenants. So, whenever a property is available, there is competition and it drives up prices," he says.
Recent developments improving Bendigo's accessibility and its connections to the capital, including the $ 5 billion regional rail link, make it more attractive to investors, said Ryde.
Latrobe Valley, one of the most affordable parts of the Victoria area, is also experiencing low vacancy rates, particularly in Traralgon and Moe.
With the approval of the submarine power cable connecting the Latrobe Valley in northwest Tasmania and the improvement of basic services and facilities, Ryder said that the region would remain desirable for investors.
Main suburbs:
Coorparoo
,
Mortdale
,
West rockhampton
,
willliamstown
,
Westmead
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