More Local Properties Available and Prices Softening

Over the last three months, there was a significant increase in properties for sale in Daylesford and surrounding districts. The number of houses for sale  increased by nearly 15% to 156, up from 136.   The increase from February saw the number of properties  offered  return to May 2024 levels following falls in the Oct and Feb reports.

Over the same period 23 houses (17 in Daylesford) were sold. At that rate of sale there is at least 18 months to two years of stock on the market.

Of the 89 houses being offered in Daylesford 17% (15) were being offered for less than $700K  and may be eligible for first home buyer loan assistance.

Hepburn and Hepburn Springs had the most significant increase in houses for sale with 34 being offered, up from 21 in February. Of these 38% (13) were being offered  below $700K

The median price was $995,000 and 48% Forty three houses (48%) were priced over $1 million including seven properties over $2 million.

Of the 80 Daylesford houses listed in February, 59 remained unsold in May. Reductions in the asking price were common indicating a misread of the market by agents and sellers. Price drops of  5- 10% were common, with some properties dropping by nearly 30% since first being listed.

Land for sale has remained fairly constant for the last 12 months

The supply of vacant land remained fairly steady with significant discounts being offered to attract buyers.

This article is based on data from realsestate.com.au