Properties in the Ballarat area are among the quickest selling nationwide, as demand soars through the roof for the limited stock on the market.
Ranked joint third, Ballarat is one of 10 regions for the fastest property sales in the December quarter, according to CoreLogic.
On average, it took 20 days to sell a house in Ballarat late last year, nine days less than at the start of the year.
Inner Perth and north west Perth topped the list with 18 days on average to sell a home, followed by outer east Melbourne and Mornington Peninsula (19 days).
The report comes as no surprise to Barry Plant Ballarat director Yvonne Jackson, who said buyers were snapping up properties in just days.
“Since coming out of lockdown, the agents have been run off their feet with enquiries,” she said.
“Apart from the affordability, value for money and relaxed lifestyle, Ballarat has plenty to offer in terms of shops, schools, public transport … and it’s a quick train commute to Melbourne’s CBD.”
The region is attracting a variety of buyers from first-home buyers to investors who were eyeing all types of properties from one-bedroom units to palatial lakeside homes.
Late last year, a four-bedroom lifestyle property at 39 Windermere Way, Cardigan Village, sold in eight days of hitting the market for $750,000.
The sprawling homestead on a 5300sq m block with a pool attracted 41 enquiries and 19 groups to its open, and after four offers sold to a local buyer wanting extra space and a rural lifestyle.
It took only four days to sell a four-bedroom house on a secluded 2160sq m block at 8 Woodside Court, Ballarat North.
The property attracted eight enquiries and two offers, and sold after the first open for $720,000 to a growing family drawn to its size and location in an established area with quality schools.
A three-bedroom house at 22 Victoria St, Sebastopol, lasted less than a week on the market before it was snapped up after its first open for $340,000.
The property generated five written offers and sold above its price range to investors.
Demand for investment properties was also on the rise in Ballarat, with vacancy rates at one to two per cent, compared to four to five per cent 12 months ago, Ms Jackson said.
“Rental yields are at 4.5 per cent and the price for any new lease has jumped five to 10 per cent,” she said.
With skyrocketing demand and low stock levels, the median house price across Ballarat rose five to 10 per cent in the past 12 months.
Central Ballarat homes are selling at a median price of $613,000, compared to $558,000 in May last year, according to CoreLogic.