There seems to be a pattern stirring in the real estate world that’s turning into a riptide! Time and time again, properties are being snapped up before they’ve had a chance to be marketed on the web. To say buyers are keen is an understatement. Savvy buyers are getting first options on homes and there is a good reason why. They have their ducks in a row, figuratively speaking. They’ve registered their buyer’s requirements with an agent, they’ve spoken with lenders and have all the groundwork done. The true opportunity in this scenario is for a seller. If you think it’s worth waiting a bit longer before you sell your home, the opportunity might wash right past you.

Warrnambool has, and still is experiencing an unexpected and quite unpredicted surge in property sales.  We commonly speak of peaks and troughs that are largely driven by our state and federal economics, but strangely, this peak is coming from an event that sees our state and national economics under incredible pressure, yet it appears to be the fundamental force driving the growth here in our region. But don’t take it from me, a closer look at data from Pricefinder, realestate.com.au and the REIV offers a statistical account through data collected from property sales throughout Victoria.

The quarter leading up to the 6th August 2020 indicates an increase in the median prices in Warrnambool of +9.72% for a house and +13.2% for a unit. That is an impressive increase and for the homeowners that chose to list their property while the market was peaking, a wise decision. Skip forward to the 11th November 2020, and based on the last twelve months, (Oct 19-Sept 20), the median sale price for a house sits at $395K, with a suburb growth of +8.2% for the twelve month period. The unit median sale price as of 11th November 2020 sits at $300K, with a suburb growth of +11.5% and if you’re an investor the good news doesn’t stop there. Data supplied by the REIV indicates the rental returns in the Warrnambool region are one of the state’s highest.

With the summer peak selling period just around the corner and numerous projects afoot including the $384 million redevelopment to South West Health Care and the fast train project, there’s no indication that the current real estate climate will peter out, who knows where or when this will all end?