COLAC PROPERTY REPORT MARKET INSIGHTS 2024 Courtesy of Ray White Colac
WHAT’S HAPPENING IN OUR MARKET? A relatively warm winter has come and gone and we now transition into a buoyant spring selling season. Speculation continues around possible rate increases or decreases with the common opinion being a slight decrease to occur in early 2025! This is creating some stability in the marketplace for both buyers and sellers. Throughout winter, there were 48 residential sales across three months. The averaging selling time has increased from under two months to 71 days. This metric is vital to understand that the longer properties sit on the market the less likely they are to achieve the true premium value. Collectively, Ray White Colac successfully sold 19 residential properties across three months with a total value price in excess of $10,000,000. In addition, we are excited to represent Colac’s newest quality residential development, with 21 residential blocks now available for purchase! Spring throughout the Colac District is likely to be steady - aligned with buyer demand. Competition will be high for homes that have a clear point of difference in their marketing and strategy. - Fergus Torpy and Toby Kent
RECENT SALES 2 8 1 4 2 1 2 2 1 1 2 2 1 1 4 4 3 5 3 2,412m2 4 3 277-301 HEARN STREET, COLAC 820 LARPENT ROAD, LARPENT 46 BARRY STREET, BIRREGURRA 135 NALANGIL ROAD, NALANGIL 9 BORWICK STREET, COLAC 19-21A CAMPBELL STREET, COLAC 30 IRREWILLIPE ROAD, ELLIMINYT 1-3 GRAVESEND STREET, COLAC Sold $1,088,888 Sold $650,000 Sold $530,000 Sold $870,000 Sold $655,000 Sold $740,000 Sold $456,000 Sold $620,000
About Sam Arthurs. Let me do the hard work for you. As your local mortgage broker, it’s Sam’s goal to help take the stress out of your home loan journey by providing a specialised yet convenient solution that is tailored to your goals and needs. Sam has access to over 60 banks and lenders, He’ll research the market to find the right loan for you and negotiate a competitive deal on your behalf. He’ll also do the legwork for your application to save you time and hassle. Sam will be on hand when you need it, and is happy to meet on your term, on or off line. • We’re not a bank, nor are we owned by one This means, unlike banks that work for their bottom line, we work for you. • Family taking take of family Proudly 100% family owned, we’ve been helping Aussies and their families achieve their goals for 27 years (and counting). • Power to negotiate With 60+ banks and lenders on our panel, we give you choice and power. • Free for you We get paid by the lender you choose. Seriously helpful.
Compared to five years ago, the median house sales price in Colac has increased 50.2% which equates to a compound annual growth rate of 8.5%. 1. 5. 3. HOUSES AVERAGE DAYS ON MARKET HOUSES UNITS MEDIAN $437,500 MEDIAN $348,000 HIGHEST $1,088,888 HIGHEST $475,000 LOWEST $318,000 LOWEST $198,000 4. Source: CoreLogic RP Data 1 June - 31 August 2024 2. 24 HOUSES SOLD LAST QUARTER UNITS SOLD LAST QUARTER 3 83 FAST FACTS | COLAC SALES LEASE MEDIAN HOUSE (3 BED) $450 MEDIAN UNIT (2 BED) $373 RENT PER WEEK $400K 70 $500K 140 $600K 210 $300K 0 2020 2021 2022 2023 2024 MEDIAN HOUSE SALE PRICE NUMBER SOLD
MEET THE TEAM Ray White Colac 48 Murray Street, Colac VIC 3250 03 5234 2500 raywhitecolac.com.au Fergus Torpy Director | Auctioneer 0428 627 161 Jess Densley Director 0400 216 776 Chris Peeters Sales Executive 0409 174 976 Wayne Mackrell Sales Executive 0417 556 151 Simone Dunstan Property Manager 0498 104 729 Kate McDonald Operations 5234 2500 Grace Garner Receptionist & Admin 5234 2500 Tenique Van Eekelen PM Associate 5234 2500 Shirene Morgan Marketing & Creative Designer Sam Arthurs Loan Market 0450 800 844 Rhyley Edge Sales Associate to Fergus Torpy 0477 701 644 Toby Kent Senior Sales Executive | Auctioneer 0432 765 552
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