Properties are continuing to be snapped up at historic rates as many people look for a tree change.
A report from home lender Aussie, which used CoreLogic’s data, revealed 63 per cent of housing markets and 91 per cent of unit markets in regional Victoria were cheaper for people with a three-year median priced mortgage, compared to those living in rentals.
And with interest rates set at a record low of 0.1 per cent by the Reserve Bank of Australia, some agents say now is the best time to buy.
Century 21 Real Estate's Andrew Lochhead said the past five months had been extremely busy for his office.
“Demand hasn’t really slowed down at all,” he said.
“We haven’t seen too much of a difference in terms of the people who are looking to rent or buy.
“But there could be a possible flow-on effect with the reduced interest rates down the track where more people do decide to purchase.”
Charles L King’s Troy O’Brien said his staff had been able to help clients find interest rates from the banks at below three per cent.
“It’s extremely helpful when the big banks do pass on those cuts,” he said.
“Some options are seeing people pay $9000 in interest a year which is a massive reduction when you look back on previous history.
“There is still a strong demand from people in Melbourne. I’m expecting to have up to 30 appointments booked for inspections by the end of the week.”
Ray White’s Stephen Morgan said he expected the demand to continue for some time yet.
“With interest rates continuing to stay down, it looks like more people will try and enter the market,” he said.
“The number of available rentals has been sitting around 20 for the past few months but those are getting snapped up quickly.
“If people are looking to sell, now is the right time.”
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