House prices soar in Victorian regional towns where distilleries have been established
Distilleries are giving a spirited boost to the property markets in Regional Victorian towns according to an analysis by the Real Estate Institute of Victoria (REIV).
REIV President Robyn Waters said the study showed that median house prices have soared over recent years in regional towns where distilleries have been established.
“Victorians’ love affair with all things artisanal has seen gin joints, whiskey dens and vodka purveyors popping up all over the state,” Waters said
“We love our culinary culture and appreciate fine craftmanship in all its forms, including spirits
“Tourists and locals are flocking to these distilleries to sample their wares which has created jobs, vibrancy and new economies for these regional towns.
Waters said that, in some cases, distilleries have become the social and leisure hub of the town and have become the anchor for other complimentary business such as restaurants and clothing shops
“Of course all of this combines to have a positive impact on real estate in these areas,” Waters said
“Take Healesville for example, the home of Four Pillars Gin, where the median house price has increased 37.54% in the past four years, going from $435,500 in the 12 months to 31 March 2015 to $599,000 in the 12 months to 31 March 2019.
“There has also been strong median growth in Bright, where the Reed and Co Distillery opened in 2016, and Kyneton where Animus Distillery was founded in 2015.”
Distillery | Town | 2019 | 2018 | 2017 | 2016 | 2015 | Increase |
Healesville | $599,000 | $600,000 | $482,000 | $475,000 | $435,500 | 37.5% | |
Dromana | $791,500 | $740,000 | $615,000 | $623,500 | $488,500 | 62% | |
Alfredton | $440,000 | $420,000 | $402,500 | $380,000 | $370,000 | 18.9% | |
Drysdale | $562,750 | $435,000 | $432,000 | $455,000 | $432,000 | 30.3% | |
Bright | $571,000 | $530,000 | $445,000 | $385,000 | $397,500 | 43.6% | |
Kyneton | $585,000 | $539,000 | $485,000 | $472,250 | $465,000 | 25.8% | |
Queenscliff | $875,000 | $962,500 | $752,500 | $750,000 | $740,000 | 18.2% | |
Mildura | $307,700 | $270,500 | $257,000 | $255,050 | $253,000 | 21.6% | |
Curlewis | $500,000 | $430,000 | $407,500 | $390,000 | * | 28.2% |
*Figure not available due to insufficient sales.
Image courtesy of Visit Melbourne.