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According to the Real Estate Institute of Victoria (REIV), private sales in regional Victoria have had a strong start this year, but which areas are exceptional?
Throughout February, regional Victoria saw homes selling at a median of 48 days, which is five days faster than February last year.
The declining days to sell, according to REIV CEO Gil King, emphasises rising demand and interest.
The suburb of Inverlock saw the best improvement of days on sale over the year at 60 days, 96 days faster than this time last year.
Lucas, located in Ballarat, saw homes being sold faster, at 43 days, an improvement of 90 days.
Next was Maiden Gully and Woodend, spending 58 days and 40 days on market, respectively, down from respective 55 days and 95 days.
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.
“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,” Mr King said.
“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 areas were also responsible for some of the best times on market in Victoria, with St Albarns Park and Waurn Ponds having a median of 18 days on sale.
High levels of demand for homes were also prevalent in Longwarry, Whittington, Newcomb and Grovedale, with median days on market of 19, 20, 21 and 22, respectively.
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