Property experts warns of Vic growth killers
PropTrack data reveals Mildura was the busiest regional market in the state over the past financial year, with 706 homes changing hands.
Shepparton was next at 632, then Traralgon, 530, Warrnambool, 473, and Armstrong Creek, 455.
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High sales volumes have sparked speculation investor activity is returning to the regions, but experts are urging buyers to tread carefully.
OpenCorp chief executive Cam McLellan said regional towns had been distorted by lifestyle demand.
'That's not investment grade growth it's emotional overshooting,' Mr McLellan said.
'Price growth is short lived as long term demand doesn't pressure supply levels.'
He said he advises his clients to not invest in regional Victorian markets.
'Selling a metro property with limited new land and strong local jobs to buy into a regional area with cheap land and weaker demand isn't a trade-up, it's a trade-off,' Mr McLellan said.
'Most regional towns have an oversupply of land, that's a long-term growth killer.
'Prices might spike temporarily from lifestyle demand or affordability pressures, but once new land is released or migration slows, growth flattens out.'
Mortgage Choice broker Rhys Elmi said while buyer interest was soaring across Victoria, regional investment was becoming harder to justify.
Mr Elmi said while some regional buyers were driven by affordability or lifestyle changes, most first-home buyers and investors still aimed to secure houses rather than units, even if it meant compromising on location.
'There needs to be a bit of a mindset shift,' he said.
'Start small, build equity, and turn that first property into an investment later.
'That's how you build long-term wealth.'
Regional Victoria Top 20 Suburbs By Sales Volumes
Suburb Property Type Number sold 12 months
Mildura House 706
Shepparton House 632
Traralgon House 530
Warrnambool House 473
Armstrong Creek House 455
Warragul House 401
Morwell House 370
Wodonga House 363
Lara House 357
Wangaratta House 347
Torquay House 339
Drouin House 330
Horsham House 303
Ocean Grove House 293
Alfredton House 292
Corio House 291
Highton House 276
Sebastopol House 266
Sale House 266
Mount Duneed House 240
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