Newsletter Feb DP

Victorians are leaving Melbourne for regional Victoria

Almost 5000 people recently left Melbourne for regional Victoria, surging growth in regional centres across the state, according to the latest Australian Bureau of Statistics figures.

The figures, released on Tuesday, revealed a net total of 7445 people left Melbourne in the September quarter, of which 4701 made the move to regional Victoria.

The influx of new residents skews young, with 5075 arrivals to regional Victoria aged between 25 and 44 years while a net total of 1062 of those aged 45-64 years made a tree change.

Soldiers Hill couple Linsie Davies and Chris Whitefield are two to make the move recently, having moved after spending the last 15 years living in Melbourne.

After welcoming their second child into the world just six weeks ago, Ms Davies said the extra space to raise their family was the main drawcard of the move from Melbourne’s inner north.

“Our family was expanding so we just wanted a bit more space for the kids to run around and there are a lot of opportunities for me. I work in mental health so lots of job opportunities across the public and private sectors,” she said.

Both Ms Davies and Mr Whitefield grew up in the country, with Ms Davies calling Swan Hill home while Mr Whitefield is originally from Ballarat, where his parents continue to live.

“We both had it in our blood to move out of the city having lived there for about 15 years. I think it was time to go back to our roots,” Ms Davies said.

“I spent the first 18 years of my life in Ballarat, went to Melbourne and came back. This is a pretty common trend for people with history in this city to go away for university and come back later on,” Cr Moloney said.

As more Melburnians move to regional centres, the demand for properties only grows greater. Stuart Benjamin, director of developer Elmstone Property Group, said while Ballarat had its best weekend of sales in several years, there was a shortage of stock for new buyers.” A number of properties sold for more than $100,000 over their asking price so things are red hot,” he said. Source:realestateview.com

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While selling off market can be an appropriate method in certain cases, vendors could be doing themselves a disservice by slipping under the radar especially in the current environment, according to director of economic research at realestate.com.au Cameron Kusher.

“It is clear that there is very strong demand to purchase homes at the moment,” Mr Kusher said.

“The level of general and high-intent (those more likely to purchase than normal searchers) search behaviour on realestate.com.au is at unprecedented highs. We’re also
seeing sales volumes early in 2021 significantly higher than they were in both 2019 and 2020 prior to the impact of COVID.

“Without listing a property for sale, how are you going to reach the maximum audience? There are also so many new buyers in the market at the moment the only way to reach everyone is to advertise.”

“We’re in a seller’s market, buyers know the market is on the move,” said group CEO of Hutton & Hutton PeterHutton. Mr Hutton said selling off market can be an easy way to sell homes as it cuts out the competition and is

often quicker and cheaper than executing a traditional marketing campaign. But the process often doesn’t deliver the best results for vendors, he said.

“It seems to undermine the process that provides value for a seller and that is buyer competition,” he explained.

That’s precisely the message behind Brisbane-based Hutton & Hutton’s ‘Sell Loud’ campaign, encouraging sellers to reap the benefits of the current market.

“That transparent situation of an auction actually created an environment that allowed buyers to get to where they were comfortable going. They weren’t overpaying, but certainly the market was proving to be up around that $3.3 million mark. I’ve seen property sell that way for years, and it’s not just auctions but private treaties also.”

Citing his example, Mr Hutton added that return on investment is often “sizeable” for vendors who choose to go to market. Source: realestate.com.au
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