Regional market starts strongly

Regional Victoria’s property market has experienced a strong start to 2018, with homes across the state selling in a median of 48 days in February – five days faster than the same period last year.

The number of days a home takes to sell is a key market indicator for properties sold by private sale, with declines indicating increased buyer demand and interest in an area or town.

New REIV data shows the seaside town of Inverloch experienced the largest improvement over the year with homes selling in a median of 60 days in February.

This is a remarkable 96 days faster than in February 2017.

Homes also sold faster in the relatively new Ballarat suburb of Lucas with homes spending just 43 days on the market last month – 90 days less than the same period last year.

Maiden Gully in Bendigo also recorded increased demand over the year, with homes in the suburb selling 58 days faster in February, in a median of 55 days.

Woodend’s private sale market also improved over the year with homes spending a median of 40 days on the market, down from 95 days last year.

Significant double-digit annual improvements were also recorded in Bacchus Marsh and Gisborne with homes selling in a median of 41 and 40 days respectively.

Other towns where homes sold faster this year include Spring Gully, down 30 days to a median of 41 days on market; Castlemaine, down 30 days to a median of 40 days; Lorne, down 26 days to a median of 53 days; and Seymour, down 22 days to a median of 51 days on market.

Regional Victoria also had some of the state’s best performing private sale markets in February, with homes in the Geelong suburbs of St Albans Park and Waurn Ponds selling in a median of just 18 days.

Homes were also in demand in Longwarry (median 19 days on market), Whittington (20 days), Newcomb (21 days) and Grovedale (22 days).

For more information on median days on market across Victoria, head to reiv.com.au/market-insights.