Demand for regional properties drives up price of Mortlake properties by more than 50 per cent

The median price of properties in the town has increased by almost 60 per cent to $328,141 since the COVID-19 pandemic hit, CoreLogic data reveals.

This was the second biggest rise in regional Victoria - behind Warracknabeal, where prices increased by 65 per cent.

Wilsons agent Lucas Wilson said interest in property in Mortlake had skyrocketed over the past five years.

"The building and opening of the Western Victorian Livestock Exchange has injected a regular flow of people to the town over the last several years," he said.

"In more recent years there have been some local windfarm projects which have resulted in high volumes of workers requiring rental accommodation which when combined with the already short supply of rentals and high rental yields has made it attractive to investors, who have also been rewarded with strong capital growth."

Mr Wilson said there were a number of people who considered buying property in Mortlake after the pandemic hit.

"Mortlake offers fantastic affordability for buyers when compared with Warrnambool (let alone the likes of Geelong and Melbourne where many have come from) and despite the sharp price rises, in relative terms Mortlake is still very affordable while still being within 50 kilometres of the ocean and having all services, shops, IGA, eateries, pubs, school, aged care and an upgraded recreation reserve," he said.

"Added to this, the local people are friendly and welcoming, Mortlake has a great community feel to it - people look out for and look after each other.

"Many buyers still want that quarter-acre block and a bit of a feeling of space around them and most Mortlake properties offer this."

Mr Wilson said Mortlake was ideally located close to Warrnambool and the beach.

"Being within 1.5 hours of Ballarat and Geelong and 2.5 hours of Melbourne is appealing for people, especially in these times of people realising they can work remotely," he said.

"We have certainly had several people move to Mortlake from Geelong and Melbourne."

Mr Wilson said a move to Mortlake meant some buyers could could pay off their mortgage and enjoy a more relaxed lifestyle.

Other south-west towns proving popular include Terang, Noorat and Panmure.

"Clearly Port Fairy has been a highly sought-after destination town for several years," Mr Wilson said.

"Koroit has gone ahead and offers a great community with everything you could need all there - supermarket, pubs, great eateries and schools."

Mr Wilson said there had been strong interest in a Mortlake property in Webster Street that boasts three bedrooms, two living areas and two bathrooms for $349,900.

He said inquiries had remained strong over the Christmas period.

"Mortlake and Terang accounted for a large percentage of the inquiries we fielded over the Christmas period," Mr Wilson said.

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