Change in the Marketplace
This month at Clark NextRE, we’ve reviewed some shifts we have seen in our local area. Of recent, the Drouin and Warragul markets have been considered very similar, with similar median house prices and days on market. This is quite a shift compared to a only a few years back when there was quite a significant difference between the towns. In the past, Warragul was the stronger marketplace mainly due to being a bigger town, with more industry and services. In recent years, mainly due to its closer proximity to Melbourne, Drouin has caught up and even surpassed Warragul.
The team have sold 17 properties in April, with our average days on market being 35 for Warragul and 13 for Drouin, compared to the average days on market across Warragul being 50 days and Drouin being 55 days.
Our rental team have leased 14 properties, conducted 70 inspections and received 43 applications, with the average days on market sitting at 18.
Over the past 12 months Baw Baw Shire has seen a dramatic increase in median house prices with Warragul up 19% and Drouin up 15%. If you’re thinking of selling there has never been a better time! On average, properties are selling for above asking price, which is a great positive given the current market trends. Contact one of our offices for a free appraisal.