LAND in Hepburn and Ballarat is fast becoming hot property for Melbourne buyers looking for a regional lifestyle change.
With the number of city dwellers choosing to pack up and shift west continuing to grow, real estate experts have predicted hobby farms as being the new property portfolio “must have” for busy Melbournians.
The latest REIV data has revealed hobby farms were well represented across the state over the past year with more than 3200 sold across regional Victoria alone.
Biggin and Scott Daylesford real estate agent Michael DeVincentis said more and more Melbourne buyers were looking into purchasing small rural properties within commuting distant from the city.
He said many buyers were looking for a lifestyle change.
“The whole idea is to get away from the hassle of the city and to live in the community, rather than be Mr and Mrs anonymous,” he said.
“Regional areas have good schools and hospitals, there is fresh air and very little cars.”
Mr DeVincentis said many Melbourne and Sydney buyers were cashing in on their suburban properties purchased more than a decade ago and buying up big in regional and rural areas like Clunes, Musk and Daylesford.
“They would have purchased their home for $400,000 15 years ago, the property would now be worth $2 million - they cash it in, buy (a hobby farm) and still have money in the bank,” he said.
He said a hobby farm located in the “middle of nowhere” between Clunes and Smeaton was recently sold to a Melbourne buyer for more than $2 million.
Another property at Musk was also sold to a South Yarra couple, who liked the idea of having a couple of cows, for $3.2 million – a property that would fetch more than $10 million if found in Melbourne.
“There is consistent growth in sales, we had a record month last month even with the election,” he said.
“There is constant demand, I don’t know if he have enough property to meet the demand.”
Ballarat was also a popular destination for buyers with the median price of property for three hectares $485,000.
