Echuca sets regional pace
SOME of the latest Real Estate Institute of Victoria data shows Echuca has been one of the shining lights in regional real estate for 2016.
The number of days properties here spend on the market before selling has been almost halved this year as agents battled to keep up with demand.
REIV chief executive Geoff White said this year has seen Echuca slash days on market from 80 to a median of just 47.5.
Around Bendigo homes in Long Gully spent an average 53 days on the market, while in Eaglehawk the figure was 72 days, Strathfieldsaye 92 days and central Bendigo 63 days.
Mr White said many regional Victorian towns enjoyed solid spring sales with improved days on market and strong improvement shown over the past year.
With the majority of Victorian homes sold by private sale, the median number of days a home takes to sell is a key market indicator for this type of sale. Any decline in the median number of days on market generally indicates increasing interest in a town or region.
In the past 12 months the Goulburn Valley town of Numurkah experienced one of the states strongest improvements in median days on market, falling to 102 days on market. This was down from 246 for the same period last year.
Homes also sold faster this year in Cape Patterson, down 78 days over the year to a median of 96 days; Maldon, down 102 days to a median of 73 days; and Armstrong Creek, near Torquay, which dropped from 91 to 50 days.
Suburbs in the Geelong area also sold faster than the same period last year, making them some of Victoria’s best-selling private markets. These included Bell Post Hill (28.5 days), Geelong West (29 days on market), Herne Hill (29 days), Grovedale (32 days), Newcomb (32 days) and Bell Park (48 days).
In Melbourne properties spent an average of 34 days on market in October, up one day from September and two days less than in October 2015.
Echuca defied a regional trend which saw median days on market rise back to previous levels following an unusually large drop in October.
The reduction in the number of days on market in many areas is a positive sign that sales and buyer demand will continue to improve over spring and into summer this year.
For more information on median house prices, visit reiv.com.au.