SOUTH-WEST real estate agents say houses at Peterborough and Port Campbell are attracting buyers from Geelong and the surf coast with not enough properties available to meet demand.
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The strong interest comes as two properties hit the market this week including a six-bedroom home in Peterborough set to be auctioned next month.
The modern home at Callaway Court includes three bathrooms and sits on 518 square metres.
Harris Wood Real Estate partner Danny Harris said the house was seven years old with "contemporary design, light-filled spaces, views of the coast and practical options to enjoy as a personal residence or holiday home."
"The main kitchen and living zone is a real highlight featuring views of the coastline and surroundings, hardwood timber floors, butler's pantry opening onto the alfresco area," he said.
"Also situated on the first floor is a master bedroom with ensuite, second bedroom, powder room and central heating and cooling."
The ground floor includes four bedrooms, a large rumpus or games room, two bathrooms and a double garage with internal access. The auction will be held on February 6.
Mr Harris said a renovated house on the Great Ocean Road in Port Campbell was also new to the market and was for sale via expressions of interest.
He said the house, sitting on 8.5 acres, was about halfway between Port Campbell and Peterborough.
"The three bedroom home is light-filled with features including stone top kitchen benches, large open plan living area, double glazed windows, separate lounge and home office," he said.
The house has a generous undercover alfresco area and bar or rumpus room in one of the three sheds.
Mr Harris said there continued to be strong interest in properties on the Great Ocean Road with seven recently completed three-bedroom townhouses in Port Campbell getting an "extraordinary" amount of interest.
"It's probably the first development of its kind in Port Campbell for about decade," he said.
"There is a romanticism about those two coastal towns.
"They've always attracted people from out of the city but we're getting a lot of inquiries coming from the Geelong and Surf Coast way.
"I think for the simple fact they're getting out priced (on the Surf Coast) and it's not so busy."
Falk and Co director David Falk said prior to Christmas all houses and livestock properties were selling with a fast turn over.
"What I had before Christmas were selling in a week or 10 days," he said.
He said the demand from buyers looking for properties was outstripping supply across the region.
We just need listings. From Warrnambool to Port Campbell and everything in between.
- David Falk
"We just need listings," he said.
"From Warrnambool to Port Campbell and everything in between."
According to Real Estate Institute of Victoria chief executive officer Gil King the regional Victorian market became more appealing during the past year amid the coronavirus pandemic.
"At the onset of COVID-19 in Australia, some analysts spelled disaster for the Victorian property market," he said.
"Notably, the regional Victorian market became even more appealing as people, particularly millennials, put remote working into better practice and better understood the advantages of non-major metropolitan living.
"Value for money always plays a role in property decisions and there's no doubt this has been a driving factor in young people buying up in regional Victoria.
"The promise of a property that presents good value for money, access to bigger blocks, a relaxed coastal or regional lifestyle and the opportunity to finally achieve the 'great Australian dream' has seen many young Melburnians leave the city behind in 2020.
It's a trend that's not expected to slow down any time soon."
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