THE Real Estate Institute of Victoria’s (REIV) latest days-on-market data reveals that properties in some pockets of Regional Victoria are being snapped up in much quicker timeframes than this time last year.
A large reduction in the days on market is an indicator of intense competition from buyers in the area.
Based on the REIV’s Days on Market report for January, the current hot spots are Bendigo suburbs, seaside holiday havens and Gippsland towns.
The REIV recorded reductions of at least 30 days on market in 18 Regional Victorian towns comparing January 2018 with January 2019, while three towns recorded differentials of more than 100 days.
Topping the list was the south-westcoast gem of Portland, the site of Victoria’s first permanent European settlement, where properties sold 177 days faster.
Another seaside town took out second place, with picturesque Apollo Bay shaving 116 days off its days on market.
Property markets in holiday hot spots tend to experience a spike during the summer period with more people in town enjoying all they have to offer.
Property listings are lasting just over a month in Maldon, which experienced a 105-day reduction in its days on market.
Dwellings in Lakes Entrance sold 87 days faster this January compared with 2018, while those in Venus Bay, which has a permanent population of fewer than a thousand people, were on the market for 82 fewer days.
Other strong performers were Heathcote with a 58-day reduction, Numurkah (56), Morwell (44), California Gully (43), Eaglehawk (42),Myrtleford (40), Lake Wendouree (40),Portarlington (39) Cape Patterson (38), White Hills (37), Newborough (35), Stratford (34) and Kyneton (31).
Properties are snapped up in Winter Valley faster than anywhere else in Regional Victoria, at 17 days, and are also moving fast in Newington where they last 18 days on market. Days on market for Newcomb, Lake Gardens and Grovedale were also narrow at 19 for each.
For days on market and other detailed property information including sales results, median prices, trends and statistics, please visit the Market Insights section of the REIV website.