By Oliver Lees
The average time that properties in Woodend and Gisborne spent on the market was cut by more than two weeks in the year to May, 2021, according to the latest data.
Woodend recorded the largest change in the Macedon Ranges with an average of 47 days on the market compared with 64 in the previous year, while Gisborne properties spent an average of 62 days on the market, compared with 78 the year prior.
The data released by the Real Estate Institute of Victoria (REIV) indicated these towns were part of a trend across regional Victoria that saw, on average, private property listings snapped-up in the shortest amount of time since 2010.
Across the state regional suburbs experienced an average of under 40 days on the market, while properties in outer Melbourne were snapped up at an average of 22 days.
REIV account co-ordinator Georgie Manifold said the latest figures demonstrated an increase in demand following strict COVID-19 lockdown.
“Buyer activity is strong… Increasing number of Victorians [are] moving to outer Melbourne and regional areas,” Ms Manifold said.
“COVID migration from the city to the regions [has increased] due to the adoption of flexible working arrangements and many reassessing lifestyle choices.
“There are often multiple offers on any one property, making for a highly competitive market for home buyers.
“Regional Victoria offers an attractive lifestyle at relatively affordable prices, making it a highly sought after option for property buyers at any stage of their life.”
REIV chief executive Gil King said the surge was driven by an interest in private property listings, as 84 per cent of purchasing activity fell under this category.
Star Weekly reported last month that Macedon and Mt Macedon had recorded median house price of $1 million for the first time.
Ms Fowler said the increase in regional housing prices and the declining average number of days houses spent on the market in the Macedon Ranges, indicated a change in attitude and availability.
“It is the simple fact that there is not a great supply of properties in our area,” Ms Fowler said
“People have seen it as a very practical place to live given its proximity to the CBD and the airport.
“They also want to buy quaint homes that are affordable when compared with areas like the Mornington Peninsula, and to be able to send their children to a regional school and have that country lifestyle.”