A MASSIVE 10 properties in Port Fairy have sold for more than $1 million in the past 18 months with agents describing an incredibly quick turnover of properties.
Lockett and Co Real Estate owner Garry Lockett said in his 40 years in the business he had never seen the Port Fairy market selling properties so quickly.
He pointed to the example of one house selling in under 24 hours for over $1 million.
“There have been a lot of dear properties and they’re selling quite quickly,” he said.
We had three sales in one day and we haven’t done that before.Garry Lockett
“We had three sales in one day and we haven’t done that before. It’s like a gold rush. It’s most unusual and it has been going for nearly 18 months.
“We’re almost completely out of blocks (of land) too. There are a lot of ups and downs in real estate but this is getting a little too hot.”
Mr Lockett said there were a lot of “district buyers” tapping into the seaside market. “That’s people within a 150km radius,” he said.
Robertson Port Fairy Sales Manager Di MacKirdy told The Standard the market had been extremely buoyant, particularly in the past six months when there had been a lot of high range properties selling in a quick time frame.
“Normally Port Fairy has a healthy amount of stock available,” she said. “In the past 12 to 18 months that hasn’t been the case. There’s high demand but there’s not the supply.”
Mrs MacKirdy said the lack of supply was obviously a factor in driving property prices up.
“The few that are coming onto the market do sell quickly,” she said. “There are properties going within a matter of weeks.”
Mrs MacKirdy said the majority of buyers were coming from Melbourne, Geelong and some from Hamilton. “Port Fairy is always a very stable market,” she said. “I’ve never seen the market do this, to have this spike. The low stock rate has been unusual too. We normally have regular stock coming onto the market.”
According to Stockdale and Leggo estate agent Nicole Dwyer the town had the least amount of listing stock she’d seen in 18 years.
“The market has never been as strong as it has been in the last 18 months,” she said.
“The supply is definitely not meeting the demand,” she said. She said for those who had bought in the town it would prove to be a strong investment that they could capitalise on in the future.