With a background in hospitality, Sarah and her husband Chris bought their first holiday home around 10 years ago.

"Over the years as an investment, our holiday homes have worked very well, but you have to be okay if quiet times occur as well," said Sarah.

"We average our earnings over the year but we always pay our properties' rent so that the banks are happy."

While many people tend to buy holiday homes in their favourite coastal destination, one of the Rieger's holiday homes is in the picturesque Southern Highlands.

"We love the area, and we love old homes," said Sarah.

"There is something very special about the Southern Highlands, it's cold! They have beautiful produce and great wineries. Not to mention lots of antique shops, it's a wonderful place to relax and just enjoy."

While their holiday homes are listed on popular accommodation websites, they do occasionally get to use the Southern Highlands property for their own family getaways.

"We love staying when we can, however they are so popular that we also need to book ahead," she said. "We wouldn't have stayed any more than three nights in two years though. However, in years leading up, we certainly go and stay while we prepare the residence for short stays."

Sarah said when investing in a holiday home, her top tip was to look for somewhere that is popular with visitors or had lots of events.

"The Southern Highlands has a big wedding demand, so being close to a major event area is good for bookings," she said.

"I think as COVID-19 has shown us that there is a lot to do in our own backyard. Even regional areas are getting visitors, so you just need to do your research. Go and stay in places and see what's on offer before you buy."

And before buying your dream holiday home, Sarah suggests trying to speak to someone who has already done it, especially if you are planning on renting your holiday home out.

"It is ideal to speak with someone who has done the journey when setting up as little things matter and it saves you a lot of guesswork," she said.

"We have helped set up a number homes for people, their listings, styling and also branding. It is very satisfying!"

Real Estate Institute of Victoria president Leah Calnan said whether you are looking for a long term investment to lease or a holiday home for yourself, regional Victoria had a lot to offer.

"People make choices about their holiday homes based on a range of lifestyle factors," she said. "Some may prefer beaches while others may prefer ski country, either way buying in regional Victoria should be a sound investment as evidenced by the performance so far.

"The pandemic has had a major impact on overseas travel. This means that people are looking for holiday alternatives that Australia has to offer. This trend is likely to continue in the near future making real estate in popular holiday spots even more sought after."