Homeowners might have been more hesitant about putting their homes on the market this year, but those who have are reaping the benefits, a local real estate agent says.
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Uncertainty about metropolitan markets had kept many from selling, PRDnationwide Bendigo managing director Tom Isaacs said.
“I think there’s been a fair bit of hysteria about the slowing Sydney and Melbourne markets, so people have decided to sit back and watch,” he said.
Residential housing sales for the first five months of the year were down 13.5 per cent in greater Bendigo compared to the same time last year, according to new Real Estate Institute of Victoria figures.
In Mount Alexander, sales dropped by 20 per cent.
It was part of a wider trend across regional Victoria, with 6263 less sales.
Only four local government areas saw increases in homes sold, none of which were in central Victoria.
However, a smaller number of homes for sale was not a sign of a weak Bendigo market, Mr Isaacs said.
“Prices are jumping and we are seeing more activity at inspections and open homes,” he said.
“Growth and buyers activity going up is a sign of a strong market.”
Cantwell Property Castlemaine director Genevieve Cantwell was not sure why there had been less properties on the market, but said it could be that people in Castlemaine were satisfied with their lifestyle options.
She was seeing strong demand in her neck of the woods.
“When there are less properties on the market, when something appealing comes up it sells well,” Ms Cantwell said.
She was seeing a lot of interest from Melbourne in homes that were less than $600,000.
Demand from Melbourne was being felt in Bendigo, too, Mr Isaacs said.
“Whenever Sydney and Melbourne start to cool investors push up towards regional centres,” he said.
Mr Isaacs predicted the imbalance would not last, with more properties expected to go on the market.
“It’s just starting to pick up now. We have started to see more appraisals and listings come onto the market in the last couple of weeks,” he said.
“We would expect the market to correct itself over the next couple of months.”
Tom O'Callaghan
I grew up in Bendigo and I want to tell your stories.
I grew up in Bendigo and I want to tell your stories.
