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Colac Otway Experiences Growth

29th November, 2021

Colac Otway Shire has experienced an influx of tree and sea-changers flocking to the region, a result of the pandemic that encouraged city dwellers to relocate or purchase a second home.

Over the last quarter, Colac experienced an increase of 3.7% on house prices, which was 1.3% more than the average increase regional Victoria recorded, according to the REIV.

Charles Stewart rural and lifestyle property consultant, Daryl Oborne has noticed an increase in the number of out of towners seeking property throughout the Otways over the past 12 months.

“People have always appreciated the area, but with the dual road freeway, ease of drive and the beauty the location has to offer, it really does appeal to people. Colac has all the services people need,” said Daryl Oborne.

Rising residential prices can be attributed to a high level of demand for property throughout the lockdowns. Residential sales consultant, Stephen Lugg said “the influx of people from Melbourne, Geelong and the Bellarine Peninsula looking to relocate to regional areas such as Colac is driving the market. Colac’s convenient location, fantastic retail precinct and comprehensive range of service is of great interest.”

A large number of investors are also seeking to purchase in Colac, with a rental yield increase of 4.7% over the last quarter, compared to an increase of 3.8% throughout regional Victoria (REIV), Colac is proving to be a profitable investment for those looking to extend their property portfolio.

If you are looking to buy or sell, contact our team of dedicated and specialist agents today.

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