Regional Victoria should remain as a target for property managers and BDMs, after the REIV’s latest data showed that auctions are up by 34 per cent across the area, indicating that it continues to attract strong interest from buyers and residents.
Over the last 12 months, approximately 3,100 homes in regional Victoria were auctioned, with over 2,000 selling under the hammer, a rise of 34 per cent over the last year, according to Gil King, REIV president.
Greater Geelong played a major role with nearly half of the state’s auction activity coming from this area, with 1,412 homes going to auction and 1,116 selling by auction, with a clearance rate of 79 per cent.
“Clearance rates are a key market indicator for homes sold at auction, with high clearance rates indicating strong buyer competition in a particular area. Clearance rates above 70 per cent typically suggest that the market favours sellers,” Mr King said.
Mr King added that the Macedon Ranges also saw a rise in auction activity over the last 12 months to March at an increase of 16 per cent, with a clearance rate of 69 per cent.
Additionally, Surf Coast saw a rise of 41 per cent with a clearance rate of 75 per cent.
“Auctions were also popular in Ballarat and Campaspe, with both municipalities recording around 135 auctions this year and clearance rates of 65 and 59 per cent, respectively. Auction sales in these areas increased [by] 17 [per cent] and 50 per cent, respectively, on 2016/17 figures,” Mr King said.
“The Shire of Mitchell, north of Melbourne, also showed a strong improvement in auction activity, with volumes increasing by 80 per cent while sales under the hammer more than doubled their previous auction sales.”