A HOT property market in the twin towns is doing its best to keep in step with the sizzling Melbourne market.
With 27 properties set to go under the hammer between November 11 and December 9, local agents are reporting a strong market with plenty of activity from buyers.
There has been an abundance of out-of-towners popping up at auctions, including an increase of retirees cashing in on the booming Melbourne market.
Domain Group’s latest state of the market report said while the Melbourne market was showing signs of cooling the median house price had risen to $880,902, a jump of more than $100,000 over the past year.
House prices have now consecutively risen every quarter for five years, with the median apartment price for September sitting at $506,334.
First National Charles L. King director Troy O’Brien said a strong market was giving sellers the confidence to go to auction.
“We have 17 auctions between now and Christmas,” he said.
“Auctions are generally preferred over private listings because they get properties sold quicker.
“Some competition can be created amongst buyers to get a premium price for the seller.
“Generally, we prefer auctions for unique properties where the price is harder to gauge.”
Century 21 director Andrew Lochhead said there had been an increase in older people from Melbourne buying properties locally.
“Some retirees have done very well in the rising Melbourne market and are buying here,” he said.
“One good thing is there seems to be a lot of positivity around Echuca-Moama. I’m not exactly sure why that is but everyone seems to be doing quite well.
“Auctions have been popular because they don’t cap the price like a private listing and can create some competition.”
Elders Residential director Dean Costello said he was seeing a mix of people from Melbourne, other regional areas and locals looking for properties.
“Prices in Melbourne are bringing people this way and they have done that for a long time,” he said.
“The price varies across the spectrum, but residential and commercial are going very well.”
“Auctions condense the time frame of selling and get a result for the vendor quicker than a private listing would.”
Ray White director Stephen Morgan said it was normal to see a spike in auctions at this time of year.
“Generally, people are hoping to sell by Christmas,” he said.
“Auctions usually have less days on the market than private listings and they give the seller a definite timeframe.”