Terang, Mortlake and Camperdown properties are selling with a quick turnaround

Real estate agents say a similar trend to Warrnambool is happening in Terang, Mortlake, Camperdown, Cobden and Timboon with a strong demand for properties leading to a quick turnaround in sales.

Wilsons Real Estate director Lucas Wilson said the median house price in Terang fluctuated but was between $200,000 and $235,000.

But he said in the past 12 months there had been a number of sales in excess of $300,000.

He said properties were averaging about 44 days or less on the market and the past five months had seen there biggest number of enquiries from people looking to buy.

Mr Wilson said in September alone there were 252 enquiries.

"We're also seeing quite regularly more than one buyer for one property and the properties are selling for above the anticipated prices," he said. "It doesn't look like the trend is going to stop in regional areas. A few years ago you wouldn't bank on selling straight away.

"But they are selling more rapidly. We're getting dozens of inquiries every day. The demand hasn't gone down despite the pandemic. From 2010 to 2017 it was a fairly flat median house price.

"Generally we're seeing a trend of people coming from Melbourne.

"Melbourne has been continually going up to the point of it being unaffordable."

Ocean Road Reality director Rodney Roberts said properties all along the Princes Highway were selling quickly.

"It's pretty much everywhere from Warrnambool to Terang and Camperdown, it's all along the Princes Highway," he said.

"It's also over in Cobden and Timboon. As a whole they're moving."

Mr Roberts said a lot of retirees and first home buyers were snapping up homes in the rural towns. "A lot are looking for properties on bigger blocks," he said.

"Some are selling before they're on the market. It's a long time since I've seen it like this."