Regional Victorian Property in High Demand
By local Licensed Estate Agent Scott Petrie
Demand for Regional Victorian property continued to show strength and growth in the second quarter of 2020, as confirmed by data released by the Real Estate Institute of Victoria.
The median selling prices for regional Victoria have shown overall growth for residential homes and growth in excess of 10% for units and townhouses.
In Ballarat, the Canadian area has exhibited a 7.8% increase in the median selling price in the last quarter.
Double figure growth in the past twelve months has occurred in the areas such as Ballarat Central, Buninyong, Lake Wendouree.
The average days on the market have also reduced substantially. Lake Gardens has been confirmed as the quickest suburb averaging 24 days on the market, closely followed by Winter Valley at 25 days. In fact, seven out of the top twelve quickest moving suburbs in regional Victoria were located in Greater Ballarat.
Private Inspections and Open for inspections have also exhibited strong attendance by prospective purchasers. The increased volume of attendees has resulted in competition, multiple offer to purchase, and several properties selling above the advertised price.
If you would any advice regarding selling a property,
please feel free to contact
0418 503 764.