By Oliver Lees
House prices in Kyneton have continued to soar according to the latest data, as the real estate market across regional Victoria experienced its highest 12 month growth rate in a decade.
Data from the Real Estate Institute of Victoria (REIV) reveals a 22.8 per cent growth rate for house prices across regional Victoria over the past 12 months.
In the three months to September, median house prices in Kyneton increased by 5.7 per cent, more than double that of the regional Victorian median price (2.7 per cent) for the same period.
The median sale price for a residential property in Kyneton was $798,000 for the September quarter, up from $755,000 for the June quarter.
With 10 years of real estate experience in Kyneton, Raine & Horne Kyneton sales manager Jennifer Pearce said the massive interest in the town continued to exceed her expectations.
“The figures just seem to astound me more and more,” Ms Pearce said.
“Prices often sell above the asking price, they’re moving so quickly.
“I had one [property] listed for $695,000, it was sold site-unseen for $800,000. There’s a lot of fear of missing out, so people are prepared to go above the asking price.”
Ms Pearce said travel restrictions and an inability to schedule auctions hadn’t dented buyer interest.
“Auctions are coming back soon, which is positive, but our online auctions have gone extremely well,” she said.
“Last week we had a 90 per cent sale rate, we used to think 54 per cent was a good rate.”
She said her properties are averaging 23 days on the market, well below the regional average of 32 days, according to REIV data.
“Stock levels are low. I find that even though they are low, I can sell quickly and then get a couple more [properties],” Ms Pearce said.
“We usually see a slow down at Christmas time, but this year we’ll just have to wait and see.”
