The importance of developing new homes and getting more housing stock onto the market has been gaining ground.
This was strongly reflected in recent policy decisions that incentivised only new housing in various state and national policies announced this year, including stamp duty benefits, targeted funding for ‘well-located’ homes, and more. Other recent policy wins include the Housing Australia Future Fund.
While delivering shovel-ready land has its challenges, investor interest in new housing may be set to grow again as interest rates stayed at 4.10% for a third time.
Property experts have previously voiced concerns over high rates impacting the appetite of investors, potentially piling more pressure onto the already tight rental market.
OpenLot CEO and co-founder, Qi Chen, told The Property Tribune that he had noticed a substantial exodus from the New South Wales capital.
“Across Victoria and Queensland, we’re seeing a strong increase of Sydney investors coming since the beginning of 2023. This is largely driven by the uplift of Sydney property value since Covid and investors are now tapping into their existing equity to make their next property investment purchase.”
“Regional Victoria & Queensland remains the hotspot for investors as it provides purchase value and rental yield.”
Qi Chen, OpenLot
This exodus has been previously observed in moving data by Muval, with Melbourne ranking as the number one place to move to in 2022.
Source: OpenLot.
The five best locations for investing in new houses, according to OpenLot, were regional Victorian locations.
Among the top 20, the only metropolitan location was Frankston, with two locations (Hastings and Ballan) less than 100 kilometres from the Melbourne CBD.
Some two and a half hours north of Melbourne, houses in the suburb of Echuca are floating around the mid-$600,000 mark, according to SQM Research data.

Homes in the suburb had seen a steady rise in value up until mid-2021 when values skyrocketed from around $500,000 to as high as $700,000 in mid-2022.
Weekly asking property prices for 3564, including Echuca
Heading eastward from Echuca, the suburb of Wangaratta is also some two and a half hours from the Melbourne CBD.
The quaint locale is known for its culture and arts scene, including a jazz and blues festival.

House prices have ebbed and flowed throughout Covid, with home prices recording a minor dip between 2019 and 2020, before seeing a minor peak of $440,000 in mid-2020. Home prices began to surge thereafter, hitting another minor peak of around mid-$500,000 in mid-2022, with the latest peak hitting the mid-$600,000s.
Weekly asking property prices for 3677, including Wangaratta
Located two and a half hours east of Melbourne, the locale is well placed to enjoy all the amenities of the major regional hub of Sale and all that the Gippsland region has to offer.

Home prices in Wurruk have been fairly flat over the past decade, gradually picking up around 2019. The suburb didn’t see a surge in prices until mid-2021 when homes were below the $400,000 mark, leaping to over $500,000 in 2022. After a minor dip, prices recovered to over $500,000.
Weekly asking property prices for 3850, including Wurruk
Located some three and a half hours northeast of Melbourne, close to the Victoria-New South Wales border, the suburb of West Wodonga benefits from the amenities in nearby Albury and Wodonga.

Home prices in the suburb have been recording very mild price rises over the past decade, before briefly dipping as Covid hit. Thereafter, house prices varied considerably, but had an overall upward trajectory. Pre-pandemic, prices were around the $400,000 mark, with the latest well over $600,000.
Weekly asking property prices for 3690, including West Wodonga
Sitting perfectly between Echuca and Wangaratta, the suburb of Mooroopna is well-positioned to benefit from the regional hub of Shepparton and its amenities.
Located some two hours north of Melbourne, the suburb is also well-placed along major roads and is well-connected.

Home prices in Mooroopna have followed similar trends to the above five suburbs, similarly seeing flat to small levels of growth across the past decade, before rising during Covid. While taking a dive back below $400,000 recently, home prices nearly hit $500,000 during the height of the pandemic.
Weekly asking property prices for 3629, including Mooroopna
Before making any financial decisions, please do your own independent research, taking into account your own situation. This article does not purport to provide financial or property buying advice. See our Terms of Use.

Buying a property? Refinancing? Save time, hassle, and money with UNO Home Loans.
This is a paid advertisement. Please visit our advertising page to learn more and enquire about advertising with us.
Brought to you by UNO Home Loans
Stay up to date with Australia’s most important property news through our free email service.
This is a paid advertisement. Please visit our advertising page to learn more and enquire about advertising with us.
Experts Corner by The Property Tribune
Ko’s partnership with NPA Projects provides more opportunities to co-own off-the-plan holiday residences, including exclusive Gold Coast properties
Brought to you by Ko

Buying a property? Refinancing? Save time, hassle, and money with UNO Home Loans.
This is a paid advertisement. Please visit our advertising page to learn more and enquire about advertising with us.
Brought to you by UNO Home Loans
Get the latest real estate news delivered free to your inbox.
Living Corporation Pty Ltd (trading as The Property Tribune) ABN 17 159 150 651 provides an information service and factual information only in relation to property, financial, and credit products.
This information does not take into account your objectives, financial situation, or needs. To consider whether a financial or credit product is right for you speak to a licensed Financial Adviser or Finance Broker before you apply for any product or commit to any plan. Consider the product issuer’s Product Disclosure Statement (PDS) and Target Market Determination (TMD) before making a purchase decision.
We do not make any suggestions or recommendations to you about property investment, a particular credit or financial services product, service, or provider. If you decide to apply for a product or service through our website, you will be dealing directly with the provider of that product or service and not with us. You should be aware that the service provider may not have access to all providers or all products available in the market.
Stay up to date with our free emails containing the country’s most important stories with our free email newsletters.
You can unsubscribe at any time!