Victoria’s regional towns recorded increases in median house prices over the recent years, thanks to the boost from established distilleries in the areas
“Victorians’ love affair with all things artisanal has seen gin joints, whiskey dens and vodka purveyors popping up all over the state,” Real Estate Institute of Victoria (REIV) President Robyn Waters said. “We love our culinary culture and appreciate fine craftsmanship in all its forms, including spirits.”
Healesville dubbed “the home of Four Pillars Gin,” posted a 37.54% median house price growth in the past four years— up from $435,500 in the 12 months to March 2015 to $599,000 in the 12 months to March 2019. Towns such as Bright and Kyneton similarly logged strong increases in median values.
Waters said that the liquor industry attracts people to the state. “Tourists and locals are flocking to these distilleries to sample their wares which have created jobs, vibrancy and new economies for these regional towns,” she said.
In some cases, distilleries had become the social and leisure hub of the town, as well as 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.
Data from REIV