Increased buyer interest recorded in most of regional Victoria

By Tim Neary

Victoria’s market continues to perform strongly, with homes in regional areas taking a median of 55 days to sell in June, 11 days less than the same period last year.

New data from the Real Estate Institute of Victoria shows homes in several regional towns sold faster in June, with the median days on market falling by double digits over the year.

In the year to June 30, the private sale market in the tourist town of Hepburn Springs recorded one of the biggest improvements, with homes selling in a median of 38 days, 68 days faster than the same period last year.

Homes also sold faster in the coastal towns of Barwon Heads and Cowes, with a median of 45 and 69 days respectively, both down by 51 days on June 2016 figures.

Kerang in the state’s north also experienced significant improvements over the year, with homes spending 77 days on market in June, 37.5 days less than the same month last year.

Increased buyer interest was also recorded in Wangaratta and Ocean Grove, where homes sold 33 days faster than 2016. The median recorded in those towns were 36 and 49 days respectively.

Other regional towns that experienced improvements in their private sale markets were Drouin, down 29 days over the year to a median of 32 days on market; Clifton Springs, falling 26.5 days over the year to a median of 39 days on market; Bannockburn, down 26 days over the year to a median of 49 days; and Warragul, falling 25.5 days over the year to a median of 29 days on market.

Meanwhile, the Geelong suburb of Waurn Ponds was one of the state’s best performing private sale markets in June, with homes spending just 22 days on market – 20 days less than the same period last year.

This was followed by Corio and Irymple where homes spent just 27 days on the market in June, down 15 and five days respectively on June 2016 figures.

Strong private sale markets were also evident in Lara, BelmontBelmont, QLD Belmont, VIC Belmont, NSW Belmont, WA Belmont, QLD and East Geelong with homes in these areas selling in a median of 29 days.

Increased buyer interest recorded in most of regional Victoria
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