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31 July 2003 Lot more house for your money in the bush. First home buyers and investors should consider the country if they want a more affordable housing option, according to a group of leading regional businesses. Champions of the Bush Executive Officer Darren Chester said home prices were rising in rural and regional Victoria but they remained much more affordable than metropolitan areas. "You get a lot more house for your money in the bush and our organisation will not be surprised to see more people starting to realise the attractiveness of a move to the country or a potential housing investment," Mr Chester said. "Quality homes can still be purchased in regional Victoria at a fraction of the Melbourne median house price of $359,000. In most regional centres, there's three and four bedroom homes in good locations for under $200,000." Mr Chester was responding to the latest Real Estate Institute of Victoria median house price survey which showed strong growth in regional centres. "It's a sign of growing confidence in country areas and the fact that people are looking for a better lifestyle," Mr Chester said. "Increased demand has resulted in a noticeable jump in house prices, particularly in the major regional centres and coastal towns. The price increases are making country property more attractive to investors with many centres also reporting strong demand for quality rental properties." "Metropolitan home owners have seen their equity grow significantly over the past decade and significant numbers are cashing in their family home and finding they've still got plenty of change after buying a quality property in rural and regional Victoria." Mr Chester said there would be a great side benefit from the influx of semi-retired people and professional workers looking for part-time options. "It will help to build the overall capacity of the bush to attract further investment," he said. "The more skilled workers we can attract to country centres, the more attractive it becomes for businesses to relocate or expand existing operations in regional areas. The availability of a skilled and stable workforce is a great attraction for businesses looking to invest in regional areas." "Champions of the Bush is aiming to reverse the population drift to metropolitan areas. Showcasing the great lifestyle and more affordable housing options helps to raise awareness that there are realistic and attractive alternatives to the grind of city life." "Champions of the Bush is committed to 'bringing our kids home' and the more affordable housing is a great selling point for young families. Recent announcements by Patties Bakery and Woolworths of major projects in towns like Bairnsdale and Wodonga are only going to add to the confidence of country people and create more jobs in the bush. "We believe that businesses which are being squeezed out of the city by sky-rocketing land prices should consider the advantages of a country location." Among the best performed regional centres in the REIV June Quarter median house prices were larger centres like Geelong (up 18.2%) and Bendigo (up 11.1%). Ballarat also rose by 1.1% and has recorded a 35.7% growth over the past 12 months. Mr Chester said the price increases were spread throughout the state and included towns hundreds of kilometres from Melbourne. "It's not just those towns within commuting distance of Melbourne - I've spoken to real estate agents who are based several hours from they city and they are reporting a similar jump in demand and price increases," Mr Chester said. Media information: For further comments contact Darren Chester on 0351 55 3719 or 0412 153 719.
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