Echuca sets re­gional pace

The Riverine Herald - Local Real Estate - - NEWS -

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.

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