Real Estate Institute of Victoria (REIV) data shows home sales in Warrnambool are down from 353 to 268 for the first five months of the year.

In Moyne sales are down from 227 to 169 and in Corangamite they have also reduced from 178 to 121.

The data includes sales from January 1 to May 31.

REIV chief executive officer Gil King said the dip in sales in the first five months of the year was largely a result of fewer homes on the market.

“Appealing properties on the market at the right price are continuing to sell,” Mr King said.

“2017 sales were boosted by the new first home-buyer stamp duty concessions.

“Regional Victoria experienced its strongest property market in recent years.

“Given that 2017 was a bumper year, it is not unusual that sales this year are down.”

The REIV website shows the median home sale price in Warrnambool is $320,000.

“Median sale prices on houses across the Warrnambool local government area fell by 1.7 per cent in the 12 months ended 31 March (this was due to a 9.7 per cent decrease in the March quarter),” Mr King said.

The median price of a unit in Warrnambool is $265,000, a 4.4 per cent drop from last year. 

The median rent price for a house in Warrnambool is $330, and for a unit it is $250.

Mr King said the REIV had no specific data on whether house or unit sales had the biggest decrease in sales. 

According to real estate website domain.com.au there is 308 properties for sale in Warrnambool.

These include houses, units and apartments. 

Mr King said with a few exceptions, sales volumes across Victoria, in regional areas as well as metro Melbourne, were down in the first five months of 2018 on the same period last year.

The median regional sale price for a home in regional Victoria is $404,000, while a unit is $294,000.