Time on market quickening for regional Victorian hotspots

Only 5 per cent of dwellings in regional Victoria are sold through auctions, with private sales making up the vast majority of sales, according to the Real Estate Institute of Victoria’s CEO Gil King. This means that if investors want to buy, they need to be fast. 

“There were 150 locations in regional Victoria where private sales numbered twenty or more in the twelve months ended 30 April,” Mr King said.

“The median days on the market was 43 across regional areas, compared with 34 in Metro Melbourne. However, the first glance at this painting does not reveal the finer brush strokes.”

Suburbs within the Greater Geelong area in particular saw time on market reduce significantly, with Warun Ponds currently at a median of 13 days to sell a property, down from 30 days.

Next were Grovedale at a median of 17 days and St Albans Park at a median of 18 days.

Other suburbs, such as Longwarry and Drouin in the Baw Baw Shire area also saw drops in time on market, at a median of 19 days down from 41 days, and a median of 27 days down from 35 days, respectively.

Bacchus March and Creswick saw reductions of their time on market by over half, at a median of 24 days from 73, and a median of 28 days down from 57.

“There are also now locations within the City of Ballarat, Mitchell, Surf Coast, Macedon, Mildura, Golden Plains, Bass Coast, and Wangaratta where median days on market are below the overall regional median,” Mr King said.

“There will always be another opportunity to buy a property that meets needs, but readiness to make a quick decision might secure a buyer the home that ticks many preference boxes as well.”