RT, this thread has Victorian Median House Prices for decade of 1997-2007, plus growth per annum..
http://www.news.com.au/heraldsun/files/median house prices by suburb.pdf
I invest in real estate, some of it is near water, some of it isn't, and some of it was and it evaporated.
My regional investing has been kind to me, in many of the places I also
bought well so it's double kindness.
It is, or will be up to the individual, (investing), what your situation is, circumstances, wants from investing, the financial fuzzy wuzzies, for me it was affordable entry into property in areas that I know inside out, having lived in or am in frequently..as a smarter person than me said, "
there can be diamonds in your own backyard"
I have some older statistics as well as the decade 97-07, they are 94-05, so will throw those in too.
Bairnsdale (is close by water).......Change in median house prices 94-05: 115%.....97-07: 147%....growth P/Annum: 9.5%
Ballarat(had a lake or two, does that count?) ..........change in median house prices for 94-05: 153%.....97-07: 176% Growth P/Annum: 10.7%
Bendigo...........138%...........170%...........10.4%
Moe............69%..............141%...............9.2%
Sale..............126%.............153%.........9.7%
Traralgon............115%...........178%..........10.8%
Shepparton(something to do with the mighty Murray river)............99%.........132%...........8.8%
Morwell..............95%..........184%..............11%
Wangaratta...........92%..........148%..............9.5%
Horsham...............88%..........88%...............6.5%
Warrnambool (Has a sea nearby
).....145%.......169%.......10.4%
Geelong.......175%..........198%..............11.6%
Corio ..........106%.............154%...........9.8%
Norlane..........125%...........168%............10.4%
Mildura also on the Murray.....94%..........126%............8.5%
So there is a little something to throw in the regional investing diligence kitbag.
Keep in mind when I first started investing in regional Vic I had no idea of these stats, it didn't matter, I knew Bendigo over years, I knew it to be spreading out, developing, getting bigger and even more interesting. I knew that it was difficult to get a rental property...through my experiences and family trying to rent there. I knew it had many industries, I knew it to be reasonably close to Melbourne. Keep in mind Melbourne is not where the sun rises and sets for investing. Everyone has different circumstances/goals/wants and needs and knowledge...there are a lot of investors investing in regional cities and towns, chasing the deal and good deals....some of them are local investors, investing in their backyards, and some are from metro areas/interstate, some haven't even clapped eyes on what they have bought.
Make no mistake investors do invest in regional areas, and do it quite successfully.
The decision is up to you...it is your decision to invest, (congratulations!), love it!! and what you invest in and how you go about educating yourself and reeling in the diligence, may it all be fun for you.