BALLARAT'S property market is booming, with many suburbs seeing sales in less than half the time of the regional Victoria average.
The latest, 'days on market' data released by the Real Estate Institute of Victoria (REIV) for January 2020 shows that most Ballarat homes are selling less than a month after they are first listed.
Brown Hill and the new Winter Valley estate are the prime locations for quick sales, with properties averaging just 22 days on the market.
At the other end of the spectrum, homes in Canadian are taking a little longer, at 33 days, but well below the state regional average of 55 days.
In fact homes in Canadian are still selling quicker than those in metropolitan Melbourne which is averaging 34 days on the market.
Jellis Craig's Tony Douglass said there was no question that Ballarat is a hot spot for particularly the Melbourne market. "Certainly data shows were are seeing a lot more searches for Ballarat," Mr Douglass said.
"It's being seen by Melbourne as a vibrant market and the place to invest.
"The hotspots up to $600,000 are selling within a week. And of that 55 per cent of our buyers are coming from Melbouirne."
Mr Douglass said one of the big selling points for the city was the access to good schools. "Certainly that Clarendon College VCE result being named the top school in the state has been a big factor recently," he said.
"Effectively people are realising that their children can get a good education and you can live in a city that's half the cost.
"A place like Brown Hill also has easy access to the freeway, Ballarat East is another area.
"People are seeing that accessibility to Melbourne and the Ballarat economy is strong.
"We're always going to be cheaper than Melbourne on some level.
"However, I think if the fast rail comes through they are talking about which has a great push from the like of the Committee For Ballarat, that gap will become closer in the long term."
REIV president Leah Calnan said having homes sell fast is a true sign of a strong market, with areas showing an increased sale rate.
"Buyers have a big appetite for homes in Victoria, and strong competition for homes is causing shorter sales times." Ms Calnan said.
"Demand is high, local agents are being flooded with enquiries as soon as they list a new home for sale."
"Now is a great time to sell your property, with strong demand making the selling process quicker.
"Record low interest rates and easier lending conditions are allowing more buyers to get into real estate."
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