Young families were increasingly looking to the regions for a more relaxed lifestyle, WPB Group chief executive Greville Pabst said.

“Being able to have a bit of a retreat – it’s quite attractive away from the busy pace of the city,” Mr Pabst said.

He said affordability was also a huge driver of regional house price growth, and first-home buyer stamp duty savings and government grants for new regional homes pushed prices up.

“Eight out of the top 11 areas have medians under $600,000. Those suburbs qualify for full stamp duty savings for first home buyers.”

Though the level of growth was high, Mr Pabst said he expected it to drop once the majority of areas had medians of $600,000 – with the exception of popular and picturesque Macedon and Anglesea, which already had median of more than $800,000.

“It’s just a beautiful part of the world, as is Bright – so some of those areas will go really well,” he said.

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