Regions’ strong September

GEELONG was regional Victoria’s auction capital in September, in a month that saw greatly increased interest from property buyers around the state.

The latest REIV figures show there were 96 auctions in regional Victoria last month, with 58 properties sold under the hammer for a clearance rate of 60.4 per cent.

This brings the average clearance rate for regional Victoria to 66.2 per cent for September quarter, up from 52.4 per cent in previous quarter.

Geelong suburbs made up seven of the top 10 auction locations in regional Victoria. Belmont led the way with 10 auctions and a 100 per cent clearance rate.

Interestingly, three very diverse centres – Mildura, Wodonga and Gisborne, also featured in the top 10.

There are opportunities for both occupiers and investors to get good value from buying property in regional Victoria.

Record low interest rates and easier finance are giving more buyers even more incentive to get into the market.

First home buyers in regional Victoria can take advantage of both the Federal Government’s home loan deposit scheme and the Victorian Government’s $20,000 grant scheme for properties under $750,000.

Although the rental vacancy rate in August was trending up in many areas, the average across regional Victoria was 1.5 per cent (well below the minimum 3 per cent mark at which the rental market is considered healthy).

For independent research and data about recent sales, auctions median prices and rental yields, or statistics to help you select an REIV agent to sell your property, go to reiv.com.au.