The chief executive of Australia’s largest independent real estate network says Warrnambool’s property market has been inundated with buyers and tenants seeking to escape Melbourne and inland regions, and that properties are selling 93% faster this year than in 2020.
‘First National Warrnambool has reported that homes are now selling in an average of four days, when last year the average was 57,’ First National CEO Ray Ellis said.
‘Despite COVID restrictions understandably affecting the volume of sales in 2020, the median price of a Warrnambool property has risen from $370,000 in December 2019 to a record $409,000 currently; a rise of 8.2 per cent.’
There has also been a surge of demand for rental accommodation from accountants, health care workers, paramedics, and Country Fire Authority employees.
‘The rental property vacancy rate is down to between zero and one per cent currently,’ said Mr Ellis.
‘Although vacancy rates are typically low at this time of year, the sheer number of people moving to Warrnambool for new job placements is making it particularly difficult for the township’s property market to meet the extraordinary level of demand.’
A contributing factor to the tight rental market has been the number of landlords choosing to sell their investment properties due to dissatisfaction with the new Residential Tenancy Act coming into force this March. Much of this housing stock has been bought by owner occupiers, thereby further reducing availability of affordable rental stock.
“People have certainly re-assessed their real estate plans as a result of the COVID crisis,’ said Mr Ellis.
‘Lifestyles and family environments have been reconsidered and city-based residents are wanting to move to Victoria’s regions.’
Issued by: First National Real Estate
For further information contact: Stewart Bunn, National Communications Manager, First National Real Estate, on 0413 624 317