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.

 

$20,000 First Home Owners Grant in Victoria


For first home buyers, there’s an added incentive to regional Victoria. The First Home Owners Grant (FHOG) will put $20,000 back into your pocket if you are an eligible first-home buyer buying or building a new home where the contract price is less than $750,000.
 
However, this generous initiative is scheduled to change as of 30 June 2020, the FHOG is likely to drop back down to $10,000 for regional Victoria to be on par with the rest of the state. If you’re ready to buy a home, don’t wait any longer. The $20,000 grant is still available for anyone who signs their contract before June 30. But you need to act right now.

MORE: REGIONAL VICTORIA – THE PLACE TO BUILD
MORE: METRICON’S REGIONAL VICTORIA DISPLAY HOMES

The facade of a Metricon home in Wodonga, Regional Victoria

Why Aussies are flocking to build homes in regional areas


Metricon’s Regional Manager Phil Barrett provides us with snapshot of Metricon’s growing regional footprint, explaining that the demand for homes outside the city is on the rise. In fact, Phil reveals that 32% of Metricon website visitors nationally are looking for homes in regional areas.
 
“Metricon has built 8,200 homes in regional Victoria for a myriad of people at different stages of life and their home ownership journey. Not only is it great for First Home Buyers, but investment in regional Victoria is a main driver - the outlook for future growth looks positive,” said Phil.
 
Phil explains the six key reasons people are choosing to escape the city and build with Metricon in regional areas:

  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 - scheduled to end June 30, 2020)

A stylish outdoor setting with a fireplace in Cowes, Victoria.
Regional homes proving more affordable than city counterparts

 
Building a brand-new home in regional Victoria is financially appealing, particularly when comparing what you 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*. 
 
You don't have to worry about commuting to work from a regional area either, as regional Victoria was favoured in last 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, shares regional property market statistics with Metricon, 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%.
 
MORE: CONSIDERING PROPERTY INVESTMENT?
MORE: ADVICE FOR THOSE LOOKING TO BUILD AN INVESTMENT PROPERTY

A relaxed lounge room in a regional Victorian display home.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.
 
*Pricing and Information correct at time of publishing.
*Package availability subject to change.