It’s a seller’s market out there!
In the last three months, Kyneton property prices have risen a huge 4% and 10% in the last 12 months and it doesn’t look like the market is slowing down anytime soon.
Recently, neighbouring suburbs Macedon and Mt Macedon recorded a median house price of $1 million for the first time and we have been seeing more and more properties priced in a similar bracket in the Kyneton region.
A new report by the Real Estate Institute of Victoria (REIV) showed the average duration a property in the Macedon Ranges was on the market for was reduced by more than two weeks across the last year.
The data highlighted that regional towns were part of a trend across Victoria, with properties being purchased in the shortest amount of time since 2010 – an average of less than 40 days on the market across the state. We are now looking at Kyneton properties being on the market for less than three months on average – this is a huge difference to what we were seeing ten years ago.
Last year we were predicting a drop in sales with the uncertainty of the global pandemic on our doorstep, but with the change in consumer behaviour, working from home options and lifestyle priorities the market has pivoted, and we are seeing an increasing number of Melburnians moving to regional areas.
Buyer demand is high and there are often multiple offers on a property making for a highly competitive market. There is an increased interest in private property listings and a quick view of real estate websites shows there is not a great supply of properties in our area.
If you have been thinking about selling, upgrading or downsizing, perhaps it’s time to look at your own property and consider your options. This could be an excellent time to assess your biggest financial asset and make hay while the sun shines!
Let’s discuss your options and the ever-changing and growing Kyneton market. Book an appointment at jenniferpearce.com.au.