Real estate in Warrnambool is selling for premium prices as demand for a slice of the city's property market soars.
Agents are desperate for more listings to meet the demand of clients, according to Homeseeka's Tim Wells.
He said winter was typically a quieter time for real estate agents, but that wasn't the case this year.
"The property market in Warrnambool is very strong and there's a lot of confidence," Mr Wells said.
He said buyers were achieving good prices due to the shortage of listings.
"The property market in Warrnambool is very strong and there's a lot of confidence."Tim Wells
"Warrnambool is a fantastic place to live and compared to other markets like Geelong and the city, we're still very affordable," he said.
"When you compare our prices to other coastal cities, the properties are very affordable."
Mr Wells recently sold a home for Christy and Daniel Talbot in less than a week.
Mrs Talbot said the couple was happy with the price their three-bedroom home fetched.
"Tim did a fantastic job," she said.
Mr Wells said there were about 25 parties who attended two open houses and there were multiple offers for the property.
He said the most in demand properties were those priced around $350,000.
However, there was also strong demand for properties priced up to $400,000 and buyers were willing to spend more than $500,000.
"A few years back there was a real ceiling at $500,000 but now there's very good quality residential homes selling for $500,000 or higher," Mr Wells said.
He said there had been an increase in first home buyers who wanted to purchase a move-in ready property, rather than a home that needed renovations.
"We're seeing more and more first home buyers who can spend between $350,000 to $400,000 on their first home," Mr Wells said.
He said a number of factors had contributed to this, including couples with two full-time incomes and parents agreeing to be guarantors to allow their child to buy a property.
Ray White Real Estate agent partner Fergus Torpy said sellers could demand $20,000 to $25,000 more on houses in the $350,000 to $355,000 range than 12 months ago.
"The amount of properties on the market is substantially down on this time last year," Mr Torpy said.
"We're seeing multiple parties interested in properties."
He said it was the ideal time to put a property on the market, with demand much higher than supply.
"When they're selling as quick as they have been we want to continue to get good outcomes for our clients," Mr Torpy said.
Brian O'Halloran and Co real estate agent Brian Hancock there had been a flurry of activity in the past three months.
"We're very short of listings at the moment," Mr Hancock said.
He said most inquiries related to properties in the $300,000 to $400,000 price range, but there was interest in properties fetching higher prices.
"We've had inquiries from all over the state, Australia wide and in fact inquiries from international buyers as well," Mr Hancock said.
He said most buyers were able to secure their asking price or higher due to high demand.
Ludeman Real Estate director Mark Dwyer said there was huge demand for Warrnambool properties.
"Our listings are way down at the moment," Mr Dwyer said. "It's been building for a while and if it keeps going this way we will see an increase in prices."
Mr Dwyer said the number of people moving to Warrnambool from cities was on the rise.
"We had a chat and felt we sold to more Melbourne people or out of town people this year than we have any other year," he said.
Mr Dwyer said the city's affordability and amenities made it an attractive place to live. Falk and Co sales manager Gary Attrill said the high cost of rent in Warrnambool was pushing a higher number of people to buy properties.
"Tenants with a deposit are working out it makes more sense to buy," Mr Attrill said.
"If we are getting listings they seem to be selling pretty quick."
Mr Attrill said most inquiries related to properties in the $300,000 to $400,000 price range.
"Anything central sells really quick," he said.
"In the last three months I've had three properties that didn't even get on the market before we had buyers for them."Paula Dwyer
Garry Lockett Real Estate agent Paula Dwyer said there had been a "frenzy" of activity in the Port Fairy property market in 2019.
"The demand is very high," Ms Dwyer said.
"In the last three months I've had three properties that didn't even get on the market before we had buyers for them.
"Buyers are knocking on our doors."
Ms Dwyer said buyers were achieving up to $100,000 more for homes than this time last year, with the median price for a house sitting at $622,000 compared to $522,000 12 months ago.
She said Port Fairy was an extremely popular place to live and people who had previously wanted central properties were now willing to buy further afield.
Ms Dwyer said there was also substantial interest in higher end properties in the city.
A property on Gipps Street which has direct access to the wharf and is located two blocks away from the city centre is on the market with an asking price of between $1.3 and $1.4 million.
Ms Dwyer said the property had been on the market for about a month and there had been substantial interest.
She said properties with wharf access didn't come along very often and prices for properties with river views were escalating considerably.
"It's in a tightly held enclave," Ms Dwyer said.
"This location is tightly held and highly desirable".
Ms Dwyer said the home at 15 Gipps Street had been owned by the same family for more than 50 years. It has three bedrooms and there are options for further development.
Real Estate Institute of Victoria (REIV) president Robyn Waters said while the median house price for Melbourne properties had decreased, regional Victoria was another story.
"Regional Victoria has done well in the past financial year," Ms Waters said.
Domain economist Trent Wiltshire said the three significant driving factors boosting the national market were the Coalition winning the election, interest rate cuts, and APRA's changes to lending rules.
The median price for a three bedroom home is $329,500, which is considerably cheaper than the median price for regional Victoria, which is $360,000.