Building a property investment portfolio
For Yvonne and Allan, originally dairy farmers from Inverloch, the world of property investment was a far cry from their faming background. But, after selling their 300-acre cattle farm about two years ago, they wanted to try something different.
“We had been complaining about not making money,” Yvonne recalls, “We were looking for a way to diversify our income and 2.6% interest rates from the bank weren’t going to cut it.”
With the corridor from Cranbourne to Inverloch one of the fastest-growing in the state, Yvonne and Allan decided to take advantage of the hot property market and build quality homes for Gippsland’s burgeoning community of downsizers and retirees trading Melbourne’s increasingly crowded suburbia for low-maintenance, coastal living.
“The retiree market down here is huge,” Yvonne says. “Wonthaggi has always been a lower socio-economic area but since the housing boom, we’re seeing that slowly change, and become more gentrified.” That the Gippsland region appeals to retirees is no surprise to locals, who have seen the area become an increasingly popular choice for sea-changers and tree-changers alike, with the area offering all the lifestyle aspects of coastal living, without sacrificing the amenities.
“If you’re an older person and you’re retiring – there’s everything you need,” Yvonne says. “There’s a really good hospital in Wonthaggi and the government recently announced it would get a 113m upgrade, six schools, three supermarkets, plenty of cafes and all the big stores are coming. We have sold all our houses to retirees and all the people who look are retirees. That is why all of the homes we have built have been single storey, to appeal to that easy living aspect.”