Metricon's regional business is on the rise


The demand for homes in regional areas is on the rise, with more and more Australians wanting to escape the city, and embrace a more idyllic and affordable lifestyle. Whether you’re seeking to gain a foothold on the property ladder, or simply looking to escape the big smoke – Australia’s flourishing regional areas are the ideal place to start.
 
To help our customers make a more informed decision about relocating to or investing in regional areas, Metricon recently held two Regional Showcase events at our HQ in Mount Waverley in Melbourne. Tapping into the knowledge of a panel of property and finance experts, we delved into the increased demand for homes in regional Australia, focusing specifically on regional Victoria and all that it has to offer families on the move and savvy investors.
 
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Guests were treated to specialist insights into the property market from those in the know:

Hosted by TLC Interiors’ Chris Carroll, the Showcase featured talks, research insights, panelist Q&A’s, and the personal stories of Metricon customers. Guests also had the chance to explore Metricon’s selections studio, Studio M, while indulging in a ‘Taste of Victoria’ grazing table and wine tasting.
 
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Why Aussies are flocking to build homes in regional areas


Metricon’s Regional Manager Jeff Telford gave guests a snapshot of Metricon’s growing regional footprint, explaining that the demand for homes outside the city is on the rise. In fact, it was revealed that 32% of Metricon website visitors nationally are looking for homes in regional areas.
 
“Metricon has built 8,200 homes in regional Victoria, including 925 homes already this year for a myriad of people at different stages of life and their home ownership journey. This year we’re on track to build almost a thousand homes and with greater investment in regional Victoria being a main driver-  the outlook for future growth looks positive.” said Jeff.
 
Jeff explained the six key reasons people were choosing to escape the city and build with Metricon in regional areas were:

  1. Having more land/acreage to enjoy with the family
  2. Escaping the hustle and bustle of the rat race
  3. The community connection that regional living can foster
  4. The ability to secure a brand-new home on a more affordable block of land
  5. Investment potential
  6. Capitalising on government incentives (the first home owner’s grant is doubled in Regional VIC)



Regional homes proving more affordable than city counterparts

 
Guests came to understand that building a brand-new home in regional Victoria is financially appealing, particularly when comparing what they could secure in Melbourne for the same price.
 
For example, $1.6M can secure buyers a two-bedroom, one-bathroom weatherboard cottage in Albert Park*. Or, starting from $490,488, you can purchase a double storey, freestanding Metricon home with four bedrooms, two bathrooms and a two-car garage, all with land in Corinella, Victoria*. 
 
The experts allayed concerns attendees had about commuting to work from a regional area, explaining that regional Victoria was favoured in this year’s Federal budget. Due to the population in regional areas predicted to double by 2051, the Federal Government is investing $1.5 billion in infrastructure projects to ease the burden of travel to Melbourne including:

  • The Geelong to Melbourne fast rail
  • Fast train investigation to Albury-Wodonga, Shepparton and Traralgon
  • City deals in Geelong and Albury-Wodonga are also being explored

 


Growth in regional areas continues to grow - even in a property down turn


Nerida Conisbee, Chief Economist for realestate.com.au, shared regional property market statistics with attendees, offering compelling insights to those interested in living or investing in a regional location.
 
Over the last three years, for example, although the market has been in a property downturn, Geelong still achieved growth of over 25%, Ballarat enjoyed 19% growth, and Melbourne’s outer west enjoyed growth of over 20%. Comparatively, areas such as Melbourne Inner East had a decline in growth of -8.7%.
 
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The benefits of regional investing

 
Those focused on investing in regional areas were also treated to positive news when it came to market stimulus.
 
Nerida revealed that APRA have removed the spend limit on investor lending growth, the cap on interest-only loans, and the 7.5% stress test on home loans. Add that to the fact that the Federal Government has cut income taxes and made no changes to negative gearing – it‘s potentially a great time to invest in property.
 
Additionally, those at the event learned that the RBA has cut interest rates twice (with further cuts likely), and that interest rates are again trending down globally, putting less pressure on wholesale rates and mortgages.
 
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Partnering with the right builder is key

Whether you plan on buying regionally for investment purposes, or plan on living in the home for a more relaxed lifestyle, the statistics illustrate that both options offer great buying potential.
 
With a portfolio of regional building experience, Metricon is undoubtedly equipped to help you escape from the city. With 31 display homes in 24 locations across regional Victoria, previewing your new dream home couldn’t be easier. 
 
To discover which regional display home is closest to you, click here, or if you’d like to come along to a future event at Metricon’s Mt Waverley theatre, click here.
 
*Pricing and Information correct at time of publishing.
*Package availability subject to change.