Last year was great for property transactions in Benalla, with a 2.2 per cent rise, compared to the 1.1 per cent decrease in regional and rural Victoria.
This is expected to rise even more to five to eightper cent by April this year, thanks to more first home buyers and the recently introduced stamp duty subsidies.
Property manager David MacKinnon is extremely optimistic about the real estate prospects in Benalla.
‘‘I’ve been here for 20 years and I’ve never seen a lift like this before,’’ he said.
With more jobs being created and more residents in the area, Benalla will benefit in every way from the increase in transactions.
‘‘The extra money that will be generated will benefit the entire town,’’ Mr MacKinnon said.
‘‘It’s a really exciting time for Benalla. With the new concrete manufacturing facility for the West Gate tunnel in the works, it will only increase our exposure and generate more residents and local spending.’’
This increase is creating more construction for local builders, with Benalla having lots of space for new homes and construction.
It has not yet improved the renting situation with the availability of quality homes still hard to find.
‘‘There is still a shortage of quality rental properties in Benalla,’’ Mr MacKinnon said.
‘‘This can only be improved if we have more investors buying and renting out, so we are hoping that happens with the projected increase in the local population.’’
The rise is credited to the local council and the state government, which has implemented plans to increase property transactions in the financial year.
‘‘Finally we have a council and state government giving perks to improve property in Benalla,’’ he said.
‘‘We have easy access to Melbourne and Sydney and a beautiful climate.
‘‘It is great to finally have the opportunity to open our arms to new members of the community.’’
By increasing the number of residents in Benalla, it will not only improve local businesses, it will help improve the perception that Benalla only caters to the older demographic.
‘‘People think that Benalla is only for retirement, but that is simply just not true,’’ Mr MacKinnon said.
‘‘We have facilities and businesses that cater for all ages and demographics and we are hoping to change that perception.’’