THE regional Victorian housing market is on the verge of a crisis with prices rising steadily, a significant increase in buyers and rental applications, and less properties on the market.
As many people from Melbourne seek a lifestyle change after being locked up in the city for months during the pandemic, some locals are being priced out of the market.
Southern Grampians Livestock and Real Estate auctioneer and residential property consultant, Bridget Fry said the lack of properties on the market had created a dire situation for needy buyers and renters.
“We desperately seek more investors to help with the rental scenario,” she said.
“We’re running out of stock and we need to meet the number of registered buyers.
“We have sold almost everything – we have four houses on the market at the moment.
“Last year was a year of reflection for a lot of people – after the lockdown people have decided they want their home to be a sanctuary and have invested heavily in their backyard.”
Ms Fry said her colleague, Nic Cullinane, recently sold a Hamilton lakeside property (12 Wade Street, Hamilton) within one hour of its listing. She said the average days on market for properties had fallen dramatically in recent months and was now at seven, down from around 75 days before COVID-19.