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Melburnians are making the move to other Victorian cities like Geelong and Ballarat in a bid to own property in Australia, according to one real estate network.
Buxton Real Estate CEO Nathan Jones said that the volume of new estates being built is creating stock that cannot be challenged when comparing entry-point prices.
“These new estates are typically being bought by owner-occupiers who are young families chasing their own slice of the Australian dream,” Mr Jones said.
“Travel times from Geelong and Ballarat to Melbourne have vastly improved with express trains and improved freeways, meaning an hour travel time is no longer viewed as a long commute.”
To cater to this demand, Buxton has just opened its fourth Geelong office and its Ballarat team has grown from five agents to 25 in only two years.
Buxton Ballarat director Peter Burley said that 40 per cent of recent sales have been to Melbourne or interstate buyers.
“There is a massive amount of growing interest from Melbourne investors and owner-occupiers, with affordability and lifestyle the two main reasons,” Mr Burley said.
“We are seeing all types of buyers visit our open homes, including young first home buyers, as Ballarat has outstanding options with lower entry-level prices.”
Buxton Geelong director Tony Moorfoot said that the lifestyle that Geelong offers has been the biggest factor for people moving in.
“We are 10 minutes from the world-famous surf coast and less than an hour drive to Melbourne. Geelong is definitely on the up and is no longer considered a sleeper,” Mr Moorfoot said.
Mr Moorfoot said that their Melbourne buyers were a mix of investors and owner-occupiers.
“Investors don’t need to outlay as much as they would if they purchased in Melbourne suburbs, but they have the security that the market is on the rise,” Mr Moorfoot said.
“Whereas owner-occupiers love the lifestyle, the easy access to everything and not getting caught in traffic. They’re getting all of this for a lot less than if they purchased in Melbourne.”
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