Strong sales growth in regional Victoria

It’s been a big year for the property market across the state with strong growth in sales activity in many areas of regional Victoria in the year to September 30.

Total sales in regional Victoria increased 15 per cent over the year to 23,200 transactions, up from just over 20,200 sales for the same period last year.
 
The Surf Coast Shire in the state’s south west recorded the highest increase in sales over the previous year, up more than 40 per cent to 482 sales. 

This was followed by the predominately rural municipality of Baw Baw, where sales volumes rose by more than 30 per cent to 746 sales. This was up from 571 sales in the previous year. 

Other municipalities recording significant increases in turnover include the City of La Trobe, up 20 per cent to 893 sales; Macedon Ranges, up 18.9 per cent to 585 sales; and Wellington Shire, up 18.3 per cent to 585 sales. 

The City of Greater Geelong had regional Victoria’s highest turnover in the 12 months to September 30, with almost 2,700 sales. This was up 11.4 per cent on the same period last year when there were 2,400 sales. 
High transaction levels were also seen in the City of Ballarat, where more than 1,700 homes were sold over the year.  
Sales volumes also rose in the City of Greater Bendigo, up 4.6 per cent over the same period last year to 1,227 sales.

And, while auction activity is highly publicised in Melbourne, private sale remains the most popular way to sell a home in Victoria.

This is particularly the case in three regional centres – Ocean Grove, Mildura and Wodonga – where private sales were the preferred method of marketing homes for sale. In the year to September 30, more than nine out of 10 homes in these locations were sold by private sale, rather than auction.

Of the 290 homes that sold in Ocean Grove over the year, almost 94 per cent of them were sold by private sale. 

Mildura in the state’s north west was also dominated by private sales with 526 homes, or 94 per cent, sold privately.  Over the same period only 53 auctions were held in the town. 

Wodonga was another strong private sale performer with 92 per cent of the 239 homes sold over the year to September 30 being by private sale.