Bendigo properties are selling quicker than this time a year ago, according to data from the Real Estate Institute of Victoria. McKean McGregor principal Glenn Rea said the energy in the market at the moment is "something we've never experienced before." "It all goes back to supply and demand. "Those key areas around central Bendigo or one suburb removed are always going to be sought after." Properties in White Hills boast the biggest improvement year-on-year. In June 2019, a White Hills property was listed for an average of 71 days before being sold. In June 2020, that figure has dropped to just 53 days. Kangaroo Flat, Kennington, Spring Gully, Epsom and North Bendigo are just some of the suburbs to have recorded a double digit drop in time on the market. READ MORE: Property prices in Bendigo are up 0.8 per cent compared to 0.1 per cent in all of regional Victoria DCK real estate director Matt Bowles said properties are clearing quicker due to a shortage of stock. "We are finding that across the board with all suburbs, properties aren't on the market for very long," Mr Bowles said. In regional Victoria, the average days on market has increased from 58 days to 60 days year-on-year, a trend that isn't reflected in Bendigo. Mr Rea said suburbs that were once overlooked are poised to become future hotspots. READ MORE: Antony Catalano's ACM is now bundling print advertising and realestateview.com.au listings in key property markets "People realise property in what was once the industrial belt and engine room of Bendigo, suburbs like Ironbark, White Hills and North Bendigo, offer great value, rental return and are close to the CBD," he said. Commercial spaces in central Bendigo that were once residences, could return to their former glory and would be sought after premises, according to Mr Rea. "When the COVID-19 pandemic ends and people continue to work using cloud-based systems, we might see a push back into the CBD," he said. Real Estate Institute of Victoria president Leah Calnan said the days on market measure for properties sold gives an insight into current buyer demand in Bendigo. "These figures provide great confidence to sellers, that buyers are rapidly snapping up Bendigo real estate," Ms Calnan said. "Properties that are spending less time on the market means sellers won't have to deal with the stress of a lengthy real estate transaction."
Bendigo properties are selling quicker than this time a year ago, according to data from the Real Estate Institute of Victoria.
McKean McGregor principal Glenn Rea said the energy in the market at the moment is "something we've never experienced before."
"It all goes back to supply and demand.
"Those key areas around central Bendigo or one suburb removed are always going to be sought after."
Properties in White Hills boast the biggest improvement year-on-year.
In June 2019, a White Hills property was listed for an average of 71 days before being sold.
In June 2020, that figure has dropped to just 53 days.
Kangaroo Flat, Kennington, Spring Gully, Epsom and North Bendigo are just some of the suburbs to have recorded a double digit drop in time on the market.
"People realise property in what was once the industrial belt and engine room of Bendigo, suburbs like Ironbark, White Hills and North Bendigo, offer great value, rental return and are close to the CBD," he said.
Commercial spaces in central Bendigo that were once residences, could return to their former glory and would be sought after premises, according to Mr Rea.
"When the COVID-19 pandemic ends and people continue to work using cloud-based systems, we might see a push back into the CBD," he said.
Real Estate Institute of Victoria president Leah Calnan said the days on market measure for properties sold gives an insight into current buyer demand in Bendigo.
"These figures provide great confidence to sellers, that buyers are rapidly snapping up Bendigo real estate," Ms Calnan said.
"Properties that are spending less time on the market means sellers won't have to deal with the stress of a lengthy real estate transaction."
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