Warragul a growing destination for metro buyers

November 7, 2020

Warragul is rapidly becoming the next booming regional centre following major cities Geelong, Ballarat and Bendigo.

Many of the latest wave of buyers are those whose lives have been changed by the Corona Virus pandemic and are wanting to work from home more often – in a more convenient and affordable location.

In August 2020, there have been 296 land sales in the Baw region compared to 190 in the period before – many of these to Melbourne buyers seeking a new lifestyle.

Price growth is also at record levels with a media property price now at $490,000 (realestate.com.au Sept 2020) up $30,000 in the past 12 months and followed 15% growth in the previous year.

One of the premium residential destinations in Warragul is Waterford Rise that has been shortlisted for the 2020 UDIA Best Masterplanned Estate.

Waterford Rise is a garden estate with six parks offering 25 hectares of open space revitalizing the natural environment in a variety of ponds and streams as well as playgrounds and community facilities.

Waterford Rise attracts predominantly Metro buyers looking further out from the increasingly over crowded suburbs in the South East with a requirement for larger block and quality schools, shopping and strong road and rail links.

Others are seeking a more relaxed lifestyle for retirement or are first home buyers priced out of the Melbourne markets.

As a result, sales are up 25% in the 12 months to October 2020 (101) vs 2019 (76) and for the first time in several years each stage release is selling out with a fortnight of release.

Historically, almost 60% of all buyers come from metro Melbourne’s SE suburbs such as Officer, Clyde North, Narre Warren and Pakenham but this is expected to rise in the next 12-18 months as demand for lots exceeds supply.

The 1250 lot development on the urban fringe of Warragul offers metro quality design with minimum 500 sqm blocks starting at less than $200,000.

This pricing hacks $150,000-$200,000 off the price of a regular outer metro home and has proved popular with the first home buyers keen to grab the $20,000 Regional First Home Buyer Grant – double that on offer in metro Melbourne.

At the other end of the scale, retirees are attracted by the low prices that allow them to cash out their equity in their metro homes and plump up their superannuation saving. As a result, there is great demand for the larger blocks that allows for caravan or boat storage!

In the middle of the market are Warragul and metro families keen to own a decent sized home with room to play in a big backyard within a wider a parkland environment.

This affordability factor allows 50% the houses to be 21-25 sqs and 25% of the homes 26-30 sqs to take advantage of Waterford Rise’ lower land costs. Buyers can build to a budget to maximise the size and fittings or a house, keep the mortgage as low as possible, or add to their nest egg.

Around 50% of the residents in Waterford Rise are families with 30% couple and 20% singles with 60% of buyers aged 25-50.

Warragul offers a great country lifestyle and is just an hour from the nearest beach and the Baw snowfields and only two hours from the famous Gippsland Lakes and Ninety Mile beach.

Amazingly, 30% of buyers come from recommendations from residents in the estate who recognise the location, affordability and lifestyle as the key reasons to move to Warragul.