Great Time to Invest in Regional Victoria

With the Victorian Government announcing funding of millions of dollars into regional areas, let's take a look at one of these areas, the City of Benalla.

With just over 2 hours to Melbourne, this area is already showing signs of strong population and infrastructure growth (see below).  With a high percentage of owner/occupiers (75%), the current vacancy rate is a very low 0.6% and the area has strong affordability (i.e. mortgage repayments as a percentage of gross income) of 27% which will lead to continuing demand from both owner / occupiers and investors. 

The town is home to well-established schools, ensuring excellent educational opportunities for families.  Benalla also offers a variety of restaurants, and cafes, as well as a strong focus on local produce and markets. Benalla is positioned strategically as a convenient stopover for travellers between Melbourne and Sydney.  Coupled with its robust manufacturing sector, the town presents a promising investment landscape.

Historically, Benalla’s population growth has been relatively low. However, due to recent and proposed investment, Benalla Rural City (estimated population 14,500 in 2019) is experiencing significant growth through the expansion of existing and new businesses that have been attracted to the area. This is mainly due to the Victorian Govt’s regional development strategies to provide financial and other incentives to large businesses to relocate from Melbourne City.

This Government  investment has led to approximately 900 new jobs since 2019. These investments include:  • A concrete batching plant construction that employs 400 people; • A 120-bed aged care facility employing approximately 200 people;  • Expansion of the D and R Henderson Timber Plant;  • Two solar farms with planning permits issued and the possibility for another three solar farms to be approved in the area;  • A new hydroponic tomato farm employing up to 200 people;  • Expansion of the Australian Defence site which will employ approximately 100 people.

Also, In October 2023 the Federal Government approved a grant of $220 million for munitions production at factories in Mulwala (NSW) and Benalla.

In the next 12 months, Govt spending includes $2.8 million on Road Network Upgrades and $1.1 million on Rural Bridge Network Upgrades.  Estimated economic output for the area over the next 12 months is $2.3 billion.

Properties in this area are selling very quickly, so if you would like to find out more, please contact us now.

(Sources – Ray White rental appraisals, SQM Research, profile.id, research hub by Hotspotting, Benalla Rural City Council).