News

Mitchell Shire in property squeeze

By McIvor Times

THE latest statistics from the Real Estate Institute of Victoria show property sales activity in the first five months of the year in Mitchell Shire fell by more than 50 per cent in 2018 when compared to the same time last year.

This is compared to an average of nearly 26 per cent overall throughout regional Victoria.

Sales in Mitchell dipped from 884 to 438 – an incredible lull in the market.

Sales in the Greater Bendigo region only slipped from 1348 to 1166 - a 13.5 per cent drop - which was the third best result in the state.

Other LGAs where real estate agents will be keenly seeking listings are Macedon Ranges, Moorabool, Surf Coast, Golden Plains and Murrindindi, all of which experienced a reduction in sales activity of 40 per cent or greater.

There were declines of over 33 per cent in Pyrenees, Greater Geelong, Swan Hill, Alpine and Central Goldfields too, perhaps a result of owners retaining their holdings rather than any lack of willing buyers, as all of those areas saw healthy median increases over the past year.

While fewer sales were the norm, there were exceptions. In Latrobe, sales jumped over 18 per cent in the period, from 795 to 941. Horsham and Glenelg also saw small increases, though from lower base numbers.

All of these areas have experienced lower than the regional median annual price increase and perhaps buyers seized their opportunities by grabbing a bargain.

For market information on all Victorian locations, please visit reiv.com.au/market-insights