Regional Victorian housing market set to boom in spring, pointing to future Melbourne success
Regional Victoria’s spring property market is ready to return to its boom status, with a massive surge of inquiries from buyers and sellers coming through after the state government announced public auctions and private inspections could be held again.
Agents say they have been inundated with calls – one listed 36 properties for sale within 24 hours of the news, and another received multiple offers on a home within an hour of it being listed.
“The market is ridiculous; even being in lockdown we were still selling. We’re just trying to adapt now to what you can and can’t do,” Ray White Highton auctioneer George Politis said.
The overwhelming response in regional Victoria pointed to Melbourne’s market doing exactly the same once it reopened, said AMP Capital chief economist Shane Oliver.
Melbourne’s property market is set to reopen, albeit under tighter restrictions, once 70 per cent of the population has had their first dose of a COVID-19 vaccine.
“The evidence coming into this lockdown was that buyer demand was strong,” Mr Oliver said. “The things that are driving strong demand [in Melbourne] are still there, like record-low interest rates and government incentives for first-home buyers.”
Like Melbourne, property markets across regional Victoria had been largely in hibernation since auctions and inspections moved entirely online for most of August.
However, restrictions across every region outside of Greater Melbourne – except for Shepparton – have now been eased, allowing up to 10 people to inspect a property privately or attend an on-street auction.
In Ballarat, McGrath director Sean Toohey said he had 36 different homes waiting to be listed, with vendors rushing in after the lockdown was lifted on Wednesday, desperate to get their properties on the market.
He said that, for local buyers, it was an opportunity to get into the market with less competition from Melburnians looking for a tree change.
“We all can feel the rush is going to come once Melbourne opens up again,” Mr Toohey said.
He said there were, however, some concerns about having enough buyers for the number of properties being listed as COVID-19 rules eased: “We just hope there’s enough appetite out there because there will be a lot more listings in the next couple of months.”
In Bendigo, properties were selling as quickly as they were hitting the market.
“There’s been a good influx of properties where people have been holding back waiting for the lockdown to be over,” Tweed Sutherland First National director and auctioneer Matt Leonard said.
He said he had received multiple offers for a three-bedroom home at 99 Simpsons Road, Eaglehawk, within an hour of its listing, adding: “People were prepared to sign a contract sight-unseen.”
Mr Politis, who works across Geelong, said listings were going strong with lots of calls over the past few days asking about homes for sale, including from Melbourne buyers and from interstate parties who could inspect them.
“Sometimes we’re caught between a rock and a hard place because we want to get the best for the vendor but there are also rules and regulations in place,” Mr Politis said. “We encourage people [in Melbourne] to use buyer’s advocates or have building inspections done so they can see the property that way.”
An auction he has planned for 18 Torquay Road, Belmont will be going ahead online to not only include the local buyers who may not be able to attend because of the number cap on public auctions, but also those based in Melbourne and even Sydney.
Ref: MELISSA HEAGNEY | SENIOR JOURNALIST (on 10 Sep 2021). Regional Victorian housing market set to boom in spring, pointing to future Melbourne success. Retrieved from https://www.domain.com.au/news/regional-victorian-housing-market-set-to-boom-in-spring-pointing-to-future-melbourne-success-1087016/.
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