Homeowners who opted to put their house up for auction across the Ballarat region over the last year have contributed to the city’s most successful 12-month period.
Subscribe now for unlimited access.
$0/
(min cost $0)
or signup to continue reading
While regional Victoria is traditionally the domain of private sales, auctions gained popularity and success over the last year, according to figures released from REIV.
Ballarat experienced strong auction activity with 128 auctions held, contributing to the 17 per cent increase from the previous year.
Vendors were also more successful at auction with sales in the area up 64 per cent.
This month a two-bedroom property in Lake Wendouree sold at auction for $1.52 million, making it one of the top regional sales of the year for regional Victoria.
The latest statistics also show almost 2700 regional homes went to auction in the 12 months to March, with 1565 selling.
This was an eight per cent increase in the number of homes sold at auction when compared to the same period last year.
REIV president Joseph Walton said the demand for auctions is generally driven by strong buyer interest in a particular area.
Greater Geelong recorded the highest number of auctions over the year with more than 970 homes going under the hammer.