Potential buyers have offered $40,000 above the asking price to secure homes in a Border real estate market called the busiest ever.
Professionals Wodonga managing director Terry Hill said those offers his agency had received indicated both a shortage of listings and the demand to purchase.
"I think it's being driven at the moment by a real fear of missing out," he said on Monday.
"There's just an urgency from Melbourne buyers to make the tree change, I suppose, to a major regional area and if they're cashing up in a market that's very buoyant in Melbourne they can afford to pay above the odds to get into our market."
The Real Estate Institute of Victoria's latest report showed Wodonga's quarterly price rise of 17.6 cent outstripped the overall regional Victoria increase (10.5 per cent).
Mr Hill said prices generally had increased 10 to 15 per cent on last year and the relative rises compared with the boom of 2003.
"This market even outweighs that, so this is the busiest market I've ever been involved with in relation to prices being achieved, time on market really low, both in rentals and sales, and the demand is just incredible for property in all price brackets," he said.
"We're probably selling five or six properties a month off market, that don't actually make the market, just by working with buyers that we've got in our books."
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Elders Real Estate Albury-Wodonga director Jamie Maynard said the pandemic circumstances had "really put a spotlight on Albury-Wodonga" for buyers from Melbourne, Sydney and Canberra, with its shopping, facilities and open spaces.
"That's what people are seeing as an opportunity and our prices represent fantastic value," he said.
Mr Maynard's agency had seen an influx of people aged 55 years and over who had sold their city homes.
"We've got a very, very strong rental market as well, which is driving the new investor coming into town," he said.
According to the institute data, Wodonga's median weekly rent ($395) exceeded regional Victoria's figure ($380) and Mr Hill said rental stock remained low.
"We had a couple of properties that went live on Thursday last week and we've had 150 applications on each property," he said.
REIV president Leah Calnan said a key insight from the June quarter report was "the propensity for buyers to genuinely consider regional Victoria as an attractive option for living and investing".
"We know that COVID-19 has created flexibility in employment arrangements and hybrid working models are allowing people to set their property sights beyond Melbourne," she said.
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