Homes in Warrnambool are getting snapped up at a rapid rate, new figures from the Real Estate Institute of Victoria (REIV) reveal.
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The Standard has reported recently that agents are struggling to keep up with demand for properties in the city.
The new data shows the average amount of time Warrnambool properties are on the market is 33 compared to 47 at the same time last year.
The average time for properties in regional Victoria is 43 days.
In addition to that the clearance rate for auctions is 87 per cent compared to 59 per cent at the same time last year.
Harris and Wood Real Estate agent Danny Harris said the owners of a Warrnambool property auctioned it after only 20 days on the market due to strong demand.
The three bedroom home then went on to fetch a price at least 10 per cent higher than what it would have netted at the start of the year.
REIV president Leah Calnan said Victorian homes were spending an average of just 33 days on the market, the lowest recorded since 2009.
"With homes in Victoria taking less time to sell, optimism is returning to the Victorian real estate market," Ms Calnan said.
"Days on market is a strong indicator of buyers desire. Competition between buyers is heating up, and people aren't waiting to purchase the property they want."
"Low days on market data is very encouraging as we are coming out of COVID-19 restrictions."
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