Tatura identified as real estate hot spot
metropolitan falls, but partially because of them.
‘‘Investors are coming out of Melbourne and bleeding us dry of our ex-government houses,’’ Mr Blake said.
The Greater Shepparton region, and regional Victoria in general, presently offer much better investment opportunities than the metro market on multiple fronts according to Mr Blake, who is also an estate agent at local firm Youngs & Co.
Local properties are appreciating, not depreciating, and this is their first selling point.
Then there are rental yields, the amount a property can rent for relative to its costs and price.
‘‘A gross rental yield just for Shepparton alone is about 5.3 per cent with a median rate of about $230 a week,’’ Mr Blake said.
Rental yields in Melbourne are sitting below three per cent on average.
Other factors such as the $20 000 first-home owner’s grant for regional areas and the relatively lower cost of buying a house also come into play, according to Mr Blake.
The combination of appreciating prices, high rental yields and lower prices are driving a strong local market. Rental vacancy rates are also low.
‘‘Our vacancy rate at the moment is about 1.6 per cent for rentals; for every 1000 homes that are for rent there’s only 16 available,’’ he said.
‘‘And this time of the year there’s a lot of job movement and there’s a strong demand for rentals.
‘‘We got back to work ( on Wednesday, January 2) and inquiry for inspections for homes that we have has just been amazing.
‘‘The Greater Shepparton area, particularly Mooroopna, will continue to be a strong area to live and reside in and a great investment.’’
Michael BlakeHolly Daniel