The 10 best affordable suburbs in Regional Victoria 2023
Find out which suburbs in Regional Victoria made the top 10 list in Bright Stars: Canstar’s Best Affordable Suburbs Report powered by Hotspotting.
There are plenty of great locations in Regional Victoria where you can buy a home for less than $467,999. This was the cut-off price we used for our ‘Bright Star’ suburbs in the region. (For more on why we chose this see our full report.)
Of course, price isn’t the only consideration when selecting a location to buy property. Lifestyle benefits and prospects for growth should also be on the checklist. In Canstar’s Best Affordable Suburbs Report we used five key metrics – sales volumes, price growth, vacancy rates, infrastructure and proximity to work and amenities – to identify the affordable suburbs that are desirable and likely to grow in value over time. Check out our list below.
The 10 best affordable suburbs in Regional Victoria
- Churchill
- Cobram
- Long Gully
- Maryborough
- Mildura
- Moe
- Portland
- Rushworth
- Stawell
- Tatura
Churchill
This town, a little south of Morwell in the Latrobe Valley, has a major campus of Federation University, a key reason why the vacancy rate is low except at Christmas. Demand for real estate is consistently strong, homes sell quickly and the long-term capital growth is 15.6% per year – but the median house price remains well below $400,000. Rental growth in the past three years has averaged 13% per year.
Cobram
This Murray River town at the NSW border is a dairy-orchard area described as “peaches and cream country”. It’s been attracting affordable lifestyle buyers and the median price lifted 6.7% in the past year (and the long-term growth rate is close to 10% per year) but remains below $400,000. The vacancy rate is 0.9%, rents have risen at 13% per year in the past three years and rental yields are typically 5%-6%.
Long Gully
After recent growth, the key regional city of Bendigo is no longer a place to find houses in the $300,000s. Long Gully, 3km from central Bendigo, remains one of the cheaper options, with a median house price of $435,000 after a 17.9% rise in the past year. The long-term growth rate is above 11% per year. Its amenities include extensive green space, including Long Gully Reserve.
Maryborough
The Central Goldfields town of Maryborough, about 50km from Ballarat, has had plenty of price growth in recent years (a long-term capital growth rate of 14.6% per year) but still has a median house price below $400,000. The vacancy rate is 0.7% and rents have jumped 20% in the past year. Its location amid several state parks and conservation reserves adds to the hill change lifestyle.
Mildura
A remote location hasn’t prevented Mildura from delivering a strong property market with a good record. The long-term capital growth average is close to 10% per year – with a further 10.4% rise in the median house price in the past year – but it’s still very affordable. Rental demand is strong and the vacancy rate is 0.8%. Mildura has major history, a Murray River location and lots of irrigated horticulture land to fortify its economy.
Moe
The towns of the Latrobe Valley have attracted big buyer demand for their affordable lifestyle in the past two to three years. Prices have lifted massively, from a low base: Moe’s long-term capital growth rate is 15.5% per year, but the median price is still just $365,000. Houses typically sell in less than a month and the vacancy rate is 1.2%. Moe is noted for its parks, gardens and recreational facilities.
Portland
Out west near the border with South Australia, Portland is an important regional centre and export port. The site of Victoria’s first European settlement, Portland has hundreds of historic buildings and a coastal lifestyle. The median price has risen 20.3% in the past year – with a long-term capital growth rate of 14.1% – but houses remain affordable in the $400,000s.
Rushworth
This town is part of the Campaspe LGA 180km north of Melbourne, not far from Bendigo. The vacancy rate hovers between 1% and zero. Rushworth is a historic gold mining town known for its photogenic main street. Rushworth State Forest is part of its appeal.
Stawell
The Wimmera Region town famous for the Stawell Gift professional foot race and its gold mining history has had a growth property market for some time (10-year growth average of 13.2% per year) but remains very affordable with a median house price of $350,000 – despite a 20.9% increase in the past 12 months. The vacancy rate of 1.1% is putting forward upward pressure on rents.
Tatura
The Greater Shepparton region is one of Regional Victoria’s leading economies and property markets. The town of Tatura, just outside Shepparton, has been attracting rising buyer demand, with the median house price up 21.6% in the past year. The long-term capital growth rate – 11.4% per year over the past decade – suggests this is a good performer. The vacancy rate of 0.2% means rents are rising strongly.
The best affordable suburbs in Regional Victoria
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Suburb | Median price |
10% Deposit |
|||
---|---|---|---|---|---|
Initial outlay* | Monthly repayment+ | Repayments as a percentage of dual income^ |
|||
With FHB concession | No FHB concession | ||||
Churchill | $365,000 | $43,897 | $59,221 | $1,907 | 18.70% |
Cobram | $390,000 | $46,890 | $63,512 | $2,037 | 20.00% |
Long Gully | $435,000 | $52,276 | $71,235 | $2,272 | 22.30% |
Maryborough | $385,000 | $46,291 | $62,654 | $2,011 | 19.70% |
Mildura | $415,000 | $49,882 | $67,803 | $2,168 | 21.30% |
Moe | $365,000 | $43,897 | $59,221 | $1,907 | 18.70% |
Portland | $445,000 | $53,473 | $73,002 | $2,325 | 22.80% |
Rushworth | $360,000 | $43,299 | $58,363 | $1,880 | 18.40% |
Stawell | $350,000 | $42,102 | $56,647 | $1,828 | 17.90% |
Tatura | $440,000 | $52,875 | $72,093 | $2,298 | 22.50% |
Sources: Median price: CoreLogic as at February 2023. Initial outlay and repayment data: canstar.com.au prepared on 26 June 2023. (U) stands for units. *Initial outlay figures include the deposit, stamp duty, mortgage registration and transfer fees; and lenders’ mortgage insurance (LMI) premium. Stamp duty calculated based on an owner occupier purchase of an established dwelling. LMI premium based on Helia LMI Premium Calculator for an owner occupier borrower and a loan term of 30 years. +Monthly repayments calculated based on the average variable interest rates of 5.7% and a loan term of 30 years. Interest rates based on the average owner occupier, principal and interest variable rate for a loan of $500,000 over the past year, rounded to the nearest 0.1%. ^Percentage of income based on the average total income by Greater Capital City Statistical Area (ABS Personal Income, 2019-20), adjusted by the ABS Wage Price Index (Dec-2022) for each state. A dual income assumes two people with the average income. For estimates on initial outlay, monthly repayments and repayments as a percentage of income based on a 20% deposit see full report.
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