VIC Victorian coastal towns vs inland regional towns in the next 12-17 years

Discussion in 'Where to Buy' started by johnmteliza, 20th Nov, 2018.

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  1. BuyersAgent

    BuyersAgent Well-Known Member Business Member

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    Yep. It is happening here as well. The anchor tenant in my small co-work office left town (for another coast town) so it appears I am now the main guy and thus advertising locally for some additional bums on seats. I had 2 enquiries recently... one is a startup real estate photographer own business and the other is a PAYE events manager on staff for a Sydney firm but left and moved here because she has young kids and the grandparents moved here (free babysitting). Her boss was happy for her to work from home which she has been doing but wants more peace and quite hence considering sharing our office space. She will go up about once a fortnight.
     
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  2. MikeyBallarat

    MikeyBallarat Well-Known Member

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    I live 100ks from the CBD and have fibre to the home


    And pay $150 per week in mortgage interest

    Just braggin’
     
  3. WattleIdo

    WattleIdo midas touch

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    Yes everybody loves Albury - maybe extra cool because of the Victorian connection. But why Albury/Wodonga over Wagga Wagga? (Not a rhetorical question).
    I think Wagga should be included in this parcel of southern large regionals (please :)). Just to know where it stands in 2035. There's still some growing up to do here but it's also a very attractive city.
     
  4. BuyersAgent

    BuyersAgent Well-Known Member Business Member

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    Agreed. Albury, Wagga, Dubbo, and some others are all good quality towns with a future similar to Bendigo and Ballarat etc. Abundant land supply is the only problem for capital gains for these regionals but broad economic base, progressive industries etc all good things.
     
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  5. MikeyBallarat

    MikeyBallarat Well-Known Member

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    You mention abundant land supply - and that’s true - but I live in Ballarat East and Council has valued my land (walking distance from the city centre) at $80k. You can’t find parcels of land in the outer McBurbs (Lucas etc) for much under *twice* that - for land further out and further to Melbourne! So in essence, the inner city areas of these regional cities still have a way to go to ‘catch up’ to the new H&L on the outer fringes. This is unfathomable in Melbourne and Sydney, and just further emphasises that H&L is usually a crap investment
     
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  6. BuyersAgent

    BuyersAgent Well-Known Member Business Member

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    I agree, prefer quality inner regional to outer mcmansion land on cbd far fringe any day of the week and these inner blocks are where more growth is likely. It's just that any town with 100kms of flat land around it can actually supply more houses quite easily, I prefer geological solutions to that problem.
     
  7. johnmteliza

    johnmteliza Well-Known Member

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    The population in Wagga Wagga was approximately 64,265 in 2017 and can be expected to reach around 73,000 in 2035. If it were a Victorian town it would have maintained its higher population than Shepparton on the rank today and continue to be below Ballarat and Bendigo.
     
    Last edited: 7th Dec, 2018
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  8. johnmteliza

    johnmteliza Well-Known Member

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    Wangaratta also has good fundamentals and is experiencing strong growth.
    • Population growth of 1% in 2018 is the 2nd strongest in north-eastern Victoria
    • Wangaratta has been ranked highly as one of the few best country change locations for its high population, low unemployment and attractive price by CoreLogic in 2018
    • In 2018 the town has seen its strongest house price growth in the past 10 years
    • The 4 bedroom median house price has risen by almost $70,000 in the past 12 months alone. The last time this type of growth occurred was in the 2014-2015 financial year. The median house price grew by 27% from $260,000 in June 2014 to $330,000 in June 2015 (this was one of the states highest growth rates)
    • The area was also popular in late 2017 as Wangaratta properties had a gross rental yield of 7.6% being the 2nd highest in Victoria
    • Commercial real estate also seems to be desirable with the Wangaratta centre selling for more than $8m in 2017
    • The whole area has NBN access
    • Crime is low with a 6% decline in the past 12 months
    The local economy is also being boosted by a variety of new developments which are set to increase the appeal of the area in the future.

    The hospital has received $22m worth of development and expansion. Wangaratta District Specialist School and the adjacent Appin Park Primary School are also undergoing a combined $2.2m expansion. Wangaratta High School is also getting a $5m basketball stadium. The racetrack has recently undergone a $7 million development with a new grandstand, function area and accomodation.

    Other developments include Wangaratta getting a $4.4m Indoor Sports and Aquatic Centre. A $12m modern Quest Wangaratta apartment block is being built with a $18 million Dan Murphy's and IGA supermarket. A 2nd $10 million Greta Road Woolworths is also in planning. KIA is also coming to the area with a $1m development in 2019. St Catherine's Hostel is also undergoing a $14m development. A solar panel farm is also in planning nearby.

    I also particularly like the architecture in the main shopping strip and grand colourful trees :)
     
    Last edited: 7th Dec, 2018
  9. johnmteliza

    johnmteliza Well-Known Member

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  10. johnmteliza

    johnmteliza Well-Known Member

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  11. TMNT

    TMNT Well-Known Member

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    Apppreciate the effort, but there are a lot of assumptions and the time frame is quite a long one.
     
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  12. johnmteliza

    johnmteliza Well-Known Member

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    Anything could happen but this is the most likely outcome based on current data and trends
     
  13. Vine Street

    Vine Street Member

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    Does it really need the creation of jobs?
    Is the growth commuters / retirees?
     
  14. johnmteliza

    johnmteliza Well-Known Member

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    The growth is in permanent residents who are likely a combination of retirees and young families who commute to Melbourne or work in the local industries.

    Screen Shot 2018-12-09 at 12.23.31 am.png

    The 30-40 year old age group make up the largest number of migrants to the area. However, increased jobs are also required if the region plans to retain those in their 20's who leave the Mornington Peninsula.
     
  15. johnmteliza

    johnmteliza Well-Known Member

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  16. johnmteliza

    johnmteliza Well-Known Member

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    John McGarth expected areas such as the Mornington Peninsula to do well in the future given the coastal market was under an hour drive to the city. He stated “I think anywhere within two hours of the major cities will really benefit from the current trend we’re calling telecommuting, where a lot of people no longer have to actually go every day to work in the big cities”.

    Big city income, small town lifestyle
     
  17. johnmteliza

    johnmteliza Well-Known Member

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  18. WattleIdo

    WattleIdo midas touch

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    Beautiful houses.
    That Tuscan house is done well and perfect for the area. As always, the garden (complete with water views) is the best part.
    The garden in Musk Creek Rd is amazing!
     
    Last edited: 31st Dec, 2018
  19. johnmteliza

    johnmteliza Well-Known Member

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    I agree Wattleldo! Musk Creek Rd is an impressive property. Tuscan houses tend to be pretty popular in Mt Martha and they are very fitting with the Pillars. It really gives the whole area a southern European holiday feel by the beach.
     
  20. JamesP

    JamesP Well-Known Member

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    Lakes Entrance will go up one day. Perhaps in 100 years.

    It reminds me of Venus Bay. In regards to how you go on realestate.com (maps view) and see the same million properties that were there 5 years ago.

    When the millions of properties for 250-300k start drying up. It might be a good place to buy and make 40k in growth riding the boom