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Victoria’s regional housing market is continuing its red-hot run as it reports the shortest days on market since May 2010, new research has revealed.
Stats released by the Real Estate institute of Victoria (REIV) showed that Aussies are continuing their migration to the regional areas, with lists falling for the last six consecutive months.
The May figures showed that the average days before properties in regional Victoria get sold has hit 40 days, with the median going down to 35 days.
Such is the uptick in purchases that ‘days on market’ has become the shortest it has been for outer Melbourne and regional Victoria listings in over a decade.
“The data gives us a good indicator that more and more Victorians are making the move to outer Melbourne and the regional areas beyond,” the report said.
“Five towns recorded substantial decreases in days on market, slashing at least 60 days from May 2020 figures. The coastal tourist town of Loch Sport, in Central Gippsland, cut back by more than 100 days, and another 21 towns have reduced days on market by at least 30 days.”
This growth in demand has seen prices in regional Victoria hit a new landmark.
“Our March quarterly median price data revealed historic increases in regional Victoria, where houses surpassed $500,000 for the first time with a 4.1 per cent increase from the December quarter, and 12.3
per cent annual growth,” the report showed.
According to the REIV, this trend is set to continue as changing work habits allow buyers to move further from the city.
“The benefits of the strong real estate market have been shared around the state, not just in the traditional inner suburbs, with many city dwellers taking up residence in regional Victoria, thanks to the adoption of flexible working arrangements and the reassessment of lifestyle priorities,” the REIV concluded.
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