Melbourne sales pick up speed
Melbourne’s suburban market is moving fast, with properties in the outer ring selling more quickly than in previous years.
New data from the REIV shows the Mornington Peninsula are in high demand - three of the city’s ten fastest moving suburbs are found in this region.
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In Mount Martha, properties spend an average of 36 days on the market before selling in the first half of 2014.
By comparison, properties in the suburb sold in 82 days in the first half of 2013.
Other quick-moving peninsula suburbs include Mount Eliza and Blairgowrie.
REIV CEO Enzo Raimondo said the new Peninsula Link highway made the region more accessible to the Melbourne CBD.
The small town of Warburton in the Dandenong Ranges was also seeing greater demand, with the average sales time dropping from 111 to 74 days.
On the western side of the city, Altona Meadows proved a popular choice among buyers, with properties selling within 36 days.
Over the year, turnaround time has fallen by 38 days in this suburb.
Doreen, South Morang, Sandhurst, Williamstown and Narre Warren also saw dramatic drops in the median sales time.
