Demand for property in Bendigo has surged since the onset of the coronavirus pandemic, as nationally, the number of owner occupier first home buyer loan commitments grew 9.6 per cent in January, reaching 16,664, their highest level since May 2009.
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ABS head of finance and wealth Katherine Keenan said that year-on-year, the value of new loan commitments for existing dwellings rose 38.7 per cent in January.
Accordingly, Bendigo property buyers continue to transact at a rapid rate, with one real estate agent reporting the time between a property being listed and conditionally sold to be as little as one week.
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PH Property director Brad Hinton said the time on market measure is at its lowest in his professional career.
Bendigo Real Estate principal Nekti Tzouroutis said it's crucial that prospective buyers are ready to transact, as many homes are sold and settled within as little as 30 days.
"In the past, it generally took 30 to 40 days but nowadays, from listing to sale is about 20 days," Mr Tzouroutis said.
"There is an urgency in the marketplace and that's why homes are lasting just hours from the time they are listed."
Mr Tzouroutis urged Bendigo buyers to enter the local market, while welcoming a surge in out of town interest.
"We'd love to see local families enter the market, but there's no time to hesitate," he said.
"You have to be ready and prepared to inspect a home and transact."
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DCK Real Estate director Matt Bowles said stock rates are at their lowest level in his 30-year professional career.
"Historically, pre-Christmas there was typically movement out of Bendigo to the capital cities," Mr Bowles said.
"Due to the pandemic, everyone has stayed put and as there is little residential land for sale, those buyers who would have purchased land have turned their attention to the established housing market.
"As a result, rental vacancy rates are at an all-time low and people are looking to rent in regional areas before buying, which puts pressure on that market."
For more property listings, check out Real Estate View, published every Friday and Saturday in the Bendigo Advertiser, or visit realestateview.com.au
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