VICTORIAN country towns provide a beautiful weekend getaway in summer, with their quaint buildings, old style bakeries and fresh air — but are they good places to invest?
Wakelin Property Advisory director Paul Nugent warns vintage markets and cafes should not be seen as indicators that favourite road trip destinations are the next property hot spots.
“Many of these towns have very small populations and are overly reliant on the weekend tourist market, meaning their economic base is not strong or diverse enough to support property markets throughout the cycle, especially in softer economic periods,” he said.
“That’s not to say that there aren’t some great investment opportunities outside of Melbourne, especially for people with a budget below $500,000, but they lie in Victoria’s larger regional centres rather than the quaint little towns.”
Mr Nugent said buying in smaller towns was more suited to buyers making a lifestyle change.
“Major satellite cities with a population of around 100,000 or more have a much stronger economic base, so their property markets are more resilient. These centres are more appealing from an investment perspective.”
He said the best options for investment in regional Victoria were Geelong, Ballarat and Bendigo, as many prospective tenants would need to travel to Melbourne regularly.
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