Home buyers are rushing to purchase in the regions

PROPERTY: As lockdowns lift home buyers are rushing to make a deal across the country.
PROPERTY: As lockdowns lift home buyers are rushing to make a deal across the country.

Across Australia people are asking: when will the property frenzy end? Record prices are still being made and now properties are also being bought within days of coming on the market.

In the Illawarra region, home to Wollongong and surrounds, the change was even more pronounced with the time a property spent on market falling from 40 to 20 days.

Homes in the Illawarra such as this one in Dapto are selling fast.

Homes in the Illawarra such as this one in Dapto are selling fast.

Matthew Ivanoff, Principal of Raine & Horne Wollongong, said this phenomenon was on full display in his market, with an "exodus of buyer from Sydney" leading an increased willingness to accept compromised properties.

"Apartments without balconies or houses on busy roads are selling in days rather than weeks," said Mr Ivanoff.

The hot market also means that prices continue to go through the roof with coastal homes bringing in top dollar.

The parents retreat at the $6.45 million Bar Beach home.

The parents retreat at the $6.45 million Bar Beach home.

Just a 300m walk to the beach, the home boasts a glass-fronted wine cellar, a gym, a stylish pool and two lavish living areas.

The sale registered a new suburb record for Bar Beach, eclipsing the $5,275,000 paid for 96 Memorial Drive last year.

Since January the South Coast street has recorded 12 transactions bringing in a recorded $31,138,000 in sales, with its most recent sale lobbing in at $7.1 million.

These big-ticket sales have contributed to a dramatic rise in Gerroa's median house price - $2,625,000 in July - to the point where the suburb now regularly battles it out with illustrious Byron Bay for the most expensive regional market in the country.

But fear not there are still some more affordable homes to be found, including in the national capital of Canberra.

1/78-82 Pennington Crescent, Calwell is on the market with a price guide of $600,000. Picture: Supplied

1/78-82 Pennington Crescent, Calwell is on the market with a price guide of $600,000. Picture: Supplied

A three-bedroom house in Calwell, located in the Tuggeranong district, has been inundated with buyer interest since it was listed on the market one week ago.

According to CoreLogic data, the median price for houses in the area was $707,500 in July 2021, a figure which draws many Canberra buyers to the region.

This story Property round-up: Buying frenzy continues but there are still bargains to be had first appeared on Illawarra Mercury.