East Gippsland’s Paynesville (postcode 3880) and Lakes Entrance (postcode 3909), alongside Loch Sport (postcode 3851) in the neighboring Wellington LGA, have emerged as top locations in Victoria for cash property transactions in FY24, according to a recent PEXA Cash Purchases report.
These areas, known for their scenic beauty, attract a significant number of retirees who often buy homes outright with cash proceeds from previous sales.
Demographic analysts from .id (informed decisions) projected a steady regional population increase of approximately 28,000 people from 2021 to 2031, a growth rate of about 0.9% annually.
This growth is particularly pronounced among individuals over 70, suggesting a continued trend of retirees moving to the region, attracted by its natural landscapes and lifestyle offerings.
Gippsland faces various natural hazards, with a history of significant bushfire activity.
Land Insight, a part of PEXA Group, highlighted that the region has experienced more than 2,155 bushfires since the early 1900s, covering nearly 1.5 times its total area.
The devastating “Black Summer” bushfires of 2019-20 alone burned more than 1.5 million hectares across Victoria, with Gippsland accounting for the majority.
The region is also prone to flooding, especially following bushfires, which strip the land of vegetation necessary for water absorption. This was notably seen in June 2007 when intense rainfall led to considerable flooding and insurance losses.
Experts predicted an increase in the frequency and intensity of extreme weather events, despite an overall decrease in annual rainfall projected at 2% by 2070 under high emissions scenarios.
This hydroclimate whiplash, characterized by rapid swings between dry and wet conditions, poses a significant challenge to both residents and policymakers.
The .id Community Views survey revealed that 89% of Gippsland residents acknowledge climate change, with varied impacts perceived across different localities.
Coastal and riverine communities express concerns over rising sea levels and flooding, respectively.
Overall, residents are worried about the increasing cost of living due to climate change, expecting higher bills for electricity, water, and insurance, and foreseeing food cost hikes.
With the evident risks, there is a critical need for careful planning in residential development to avoid high-risk areas.
This strategic approach will help ensure that future housing and infrastructure can withstand environmental challenges, supporting the community's sustainability and resilience.
For more details, read the PEXA Cash Purchases report.
