Distilleries are giving a spirited boost to the property markets in regional Victorian towns, according to an analysis by the Real Estate Institute of Victoria.
REIV President Robyn Waters said the study showed that median house prices have soared over recent years in regional towns where distilleries have been established.
โVictoriansโ love affair with all things artisan has seen gin joints, whiskey dens and vodka purveyors popping up all over the state,โ Ms Waters said.
โWe love our culinary culture and appreciate fine craftmanship in all its forms, including spirits.
โTourists and locals are flocking to these distilleries to sample their wares which has created jobs, vibrancy and new economies for these regional towns.โ
Ms Waters said that, in some cases, distilleries have become the social and leisure hub of the town and have become the anchor for other complimentary businesses such as restaurants and clothing shops.
โOf course all of this combines to have a positive impact on real estate in these areas,โ Ms Waters said. โTake Healesville for example, the home of Four Pillars Gin, where the median house price has increased 37.54 per cent in the past four years, going from $435,500 in the 12 months to 31 March 2015 to $599,000 in the 12 months to 31 March 2019.
โThere has also been strong median growth in Bright, where the Reed and Co Distillery opened in 2016, and Kyneton where Animus Distillery was founded in 2015.โ