REIV: Seize the right opportunity

ESTABLISHING priority needs, setting price limits and having discussions with lenders ahead of time to organise finance will see home buyers better placed to make the right decision and avoid the wrong one.

With the supply of homes coming on to the market still tight, home seekers committed to purchasing in a particular area should be ready to seize the right opportunity.

About five per cent of homes in regional Victoria change hands through auction and bidders can set themselves for a competitive process. But with the vast majority of properties still sold privately, being ready to act quickly will increase chances of a successful purchase.

There were 150 locations in regional Victoria where private sales numbered 20 or more in the 12 months ended April 30. 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.

Greater decisiveness would seem to be required for those looking in many areas of the state, particularly if a potential buyer has earmarked a property close to the state’s bigger regional cities.

Over the past year, the median days on market have been slashed for properties in many locations within the City of Greater Geelong. In Waurn Ponds, the median has been slashed from 30 days to 13 days. Grovedale and St Albans Park have medians of 17 and 18 days, respectively.

In Baw Baw Shire, Longwarry has a median of 19 days, down from 41 days in April a year ago, and Drouin median sale time has shortened from 35 to 27 days. The median in Bacchus Marsh has fallen from 73 days to 24, while Creswick property sales took a median of 28 days, in 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.

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.

For more information about your suburb, head to reiv.com.au/market-insights.