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East Gippsland growing in appeal for Melbournians

October 16, 2021 Oceania News No Comments
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East Gippsland, is as the locals say, is the jewel of Victoria. Beautiful beaches, lakes, mountains and wilderness areas abound.  Once it was one of Victoria best kept secrets, but with the focus on the area due to bushfires and Covid 19, it has been discovered by people from not only metro areas but other parts of our state and interstate as well.

Outdoors pursuits can be enjoyed on pristine lakes and rivers and residents have easy access to snow-capped mountains, the far-reaching coastal wilderness of Croajingalong National Park and the surf breaks of Mallacoota.

Some of Australia’s leading brands and businesses operate from East Gippsland and innovation is also strong with a range of businesses and consultants basing themselves in the region while using communications technology to service their customers in metro cities and around the world.

These include employment aligned to the agriculture and fishing industries, trade industries, construction, health care, social, government, hospitality, tourism and many other industries throughout the region.

The towns of Metung, Paynesville Lakes Entrance, Bairnsdale and Mallacoota (and surrounding villages) all offer a great lifestyle and still have some great real estate bargains. There are certainly luxury housing opportunities also.

In terms of housing investment in the towns of Bairnsdale and Paynesville, median house sale prices have increased approximately 54% and 69% respectively in the past 10 years.  Managing Director of King and Heath First National Chris Martin says he has seen an enormous increase in enquiries and subsequent purchasing throughout the whole region. This has resulted in some significant increase in prices over all types of real estate.

“Even after this surge our median house price is still way under the median average for regional Victoria of $559,500 *source REIV June 2021,” he says. “All types of properties are attracting excellent enquiry, but in particular vacant land, where purchasers can build now or plan for their next stage in life.  Lifestyle’ properties on large allotments or acres are popular with younger families in particular, being also close to schools and sporting facilities.

Infrastructure is major consideration when people are considering a tree or sea change and East Gippsland is well served with various quality primary and secondary school options both public and private.  There is a dual highway through to Sale about to be completed and regular train service from Bairnsdale to Melbourne, East Gippsland is a lot shorter journey than years gone by.  Employment is another major driver for population growth and there are many varied opportunities throughout the region.

Waterside towns, Paynesville, Metung, Lakes and Marlo are experiencing boom like conditions with enquiries for properties on the water far exceeding demand.  Not lost in all of this is the residential and commercial investor market with an entry point much lower than some other areas coupled with high demand. Properties are being heavily favoured by investors looking for growth, with returns around 5%-6% and high occupancy rates.

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