CoreLogic Regional Market Update Report details Victoria’s record low numbers

With buyer confidence at record highs, regional Victorian residential, lifestyle and broadacre properties are going under the hammer at speed.

While Victorian property prices continue to climb into uncharted territory, there is another sign which highlights the record buyer demand levels witnessed across the state in 2022 so far.

CoreLogic’s recent Regional Market Update Report shows residential, lifestyle and broadacre properties have seen their days on market slashed by more than 50 per cent across the past 12 months in Victoria.

In the year to January 2022, Wangaratta recorded the lowest median days on market with just 14, followed by Ballarat and the Bass Coast with 15, Horsham with 16 and Mildura with 17.

In total 11 regional Victorian government areas out of 43 recorded median days on market at three weeks or less, showing buyer’s insatiable demand for all kinds of property.

In the Hume region the median days on market has been slashed from 41 days to 25, while in Gippsland median days on market have fallen from 46 days to just 26 since January 2021.

Nutrien Harcourts Wangaratta director Joe McKenzie said selling property in his town has changed dramatically.

“This is the best market we have seen,” he said.

This home at 32 Blackhill School Road, Kyneton, sold for $3.29m at auction.

“Since January 2020 until January 2022, we have seen our days on market times fall from around 60-90 days to about two-three weeks,” he said.

“These days the market numbers are the lowest I’ve seen in my 25 years in the industry.”

Mr McKenzie said most of the buyers in his region are located within 100km of Wangaratta and are looking to upsize their holdings.

He also said agents have been forced to change thanks to the increase in demand.

“In the past it was about trying to find a buyer, but not anymore it is about finding the best price.”

Mr McKenzie also said he expects to see similar levels of demand in the region so long as commodity prices and productivity per hectare remain strong.

Western Victoria has also seen a dramatic decrease in the days on market figure with Charles Stewart Western Victoria director Nick Adamson stating he has “never witnessed the market as strong as the calendar of 2021”.

With market conditions and bank balances in a favourable position, Mr Adamson said he was expecting the trend to continue throughout 2022.

“At this stage the rural real estate market is underpinned with commodity-driven confidence,” he said.

“As a generalisation 80-90 per cent of our properties are selling within the marketing time frame of four-eight weeks.

“Previously it would be more like 50 per cent in that same time frame.

“It hasn’t always been like that, but it is a welcome change to have things sold in such a timely fashion.”

In March, a two-bedroom house in Kyneton home sold for $3.3 million by auction.