Spirits rise for regional Victorian property markets

Distilleries are underpinning several property markets in regional Victoria according to an analysis by the Real Estate Institute of Victoria.

 

REIV President Robyn Waters said the study showed that median house prices have soared over recent years in regional towns where distilleries have launched.

Ms Waters said, “We love our culinary culture and appreciate fine craftsmanship in all its forms, including spirits.

 

Tourists and locals who are flocking to these distilleries to sample their wares are helping to create jobs and new economies for these regional towns. Robyn, added, “Of course all of this combines to have a positive impact on real estate in these areas,” Ms Waters said.

 

Take Healesville for example, the home of Four Pillars Gin, where the median house price has increased 37.% to $599,000 in the period between 31 March 2015 and 31 March 2019.

 

There has also been strong median growth of 43.6% in Bright (up 43.6%), where the Reed and Co Distillery opened in 2016. Also, the median house price in Kyneton, where Animus Distillery started in 2015 has climbed by 25.8% to $585,000.

 

Other regional standouts are Dromana home to Bass and Flinders Distillery where prices climbed by 60% from $488,500 to $791,500 over the last five years.