THE Real Estate Institute of Victoria says Wimmera homeowners considering selling should strike while the iron is hot.
The organisation has released new figures showing in both Horsham and Stawell, homes are spending a month less on the market before selling compared to last year.
Stawell homes spent an average of 76 days for sale in October 2019, and Horsham homes 51, down from 113 and 82 days respectively in October 2018. These were the fourth and sixth largest drops of anywhere in regional Victoria over this 12-month period.
"If you are thinking about selling, now is the time to do it, you'll be in line for a great price and a speedy transaction," said REIV president Leah Calnan.
Matthew Monaghan, sales agent at Stawell's Monaghans Real Estate, said Stawell wasn't used to buyers competing for properties.
"Usually it's well over 100 properties for sale in Stawell over any given time. The last time I checked it was 77, and of those 27 were currently under contract," he said.
"I don't see an end in sight until we get more people coming to town doing subdivisions and being able to build homes."
Coller Rathgeber Property group principal Tim Coller said the data reflected what his organisation was seeing in Horsham.
"Many listings (are) selling within the first week of a marketing campaign, often with multiple offers," he said.
"The market is being fueled by a lack of housing stock and eager buyers wanting to purchase before Christmas. Buyers seem to understand the banks' lending criteria and are securing finance readily at incredibly low rates."
Harcourts' Mark Clyne said Horsham's market had picked up in the past year, having been quiet in the three years prior.
"Fifty per cent of what we're selling now is to people outside of the Wimmera," he said. "Last week I showed three group of people from Melbourne through properties (in the city) two of them retirees.
"Even at Edenhope there seems to be more confidence - we've sold three properties off-market recently and there is a new hospital development happening there."
While there was no data for other parts of the Wimmera, NorthWest Real Estate director John Hadley said he had seen a similar pattern.
"It used to be properties were spending 180 days on the market. Now we are selling anything well-priced in weeks, not months," he said.
"It was not uncommon for there to be 60 properties on the market in Warracknabeal but most of this financial year there have been less than 15. Stock levels have dropped significantly, and residents who have sold their house have to live somewhere so they're grabbing whatever they can get."
Mr Hadley said there was also a high demand for large blocks of land across NorthWest Real Estate's catchment area. He said he hoped the small rise in prices would convince people to invest in the region.
"They shouldn't be scared of buying in small regional towns. If you want to move on you can sell again, and there are people looking to move into these areas," he said.
NorthWest Real Estate has offices in Warracknabeal, Donald, Hopetoun and Dimboola.
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