Victoria’s regional areas are expected to strike gold on the property market next year, after some impressive results in 2019.
Hume and Ballarat were some of Australia’s top performing regions in leading data firm CoreLogic’s regional market update.
Ballarat was Australia’s fastest selling town, with the smallest vendor discounts (selling below a price guide) outside the capital cities in the past 12 months, according to the report.
Biggin & Scott Ballarat director Francesca Nicol said it was no surprise the average sale took just 33 days for a house and 30 days for a unit.
Busy buyers from Melbourne had contributed to the speedy sales, she added.
“A huge percentage of our buyers are first-home buyers, who are time poor and working up to six days a week,” Ms Nicol said.
“People often drive up here, go to up to 15 inspections in just a few hours and buy a property on the same day. We’re finding that when we call back potential buyers after meeting them at one open for inspection, they’ve already found a property to buy.”
She said 2020 conditions would create the “perfect storm” for Ballarat vendors, with even more demand anticipated.
“With the train line upgrade already underway, anybody who buys in the next three or four months is bound to do well from their investment,” she said.
In Hume, the number of units for sale jumped more than in any other region and values increased by 4.9 per cent to a $248,739 median across 12 months.
One of the largest drops in stock was in the Latrobe Gippsland region, where there was a massive 22.1 per cent dip in houses on the market. Despite this, the median price remained relatively steady at $366,160.
Real Estate Institute of Victoria president Leah Calnan said more properties would be put up for sale in regional markets in 2020.
“There have been some amazing buying opportunities regionally with really strong results throughout Victoria in 2019,” Ms Calnan said.
“We believe we will see a good level of stock return to the market and more opportunities for people to buy [next year].”