From $9.95tn to $9.8tn: CoreLogic shows market is cooling
Half of Australia’s capital cities saw values decline in the months leading up to July, according to CoreLogic’s Mon...
Victorian homes aren’t sticking around long, with new research finding average days on market are considerably less than this time last year.
According to the latest days on market data supplied by the Real Estate Institute of Victoria (REIV), the average Melbourne house takes 34 days to be sold. This is down from 42 days from the corresponding period in 2019.
Outer Melbourne is the fastest-selling area in Metro Melbourne, with suburbs in the outer ring taking just 33 days to sell on average.
Meanwhile, average days on market in Middle Melbourne sit at 34 days and Inner Melbourne homes are seeing on average of 41 days on market.
Outside the city, regional Victoria homes are seeing 55 days on average. This is down from the 57 recorded in November 2019.
“Warranwood and in Melbourne’s east have the shortest waiting periods across the state, with the average property taking just 15 and 16 days to sell, just over two weeks,” the REIV said in a statement issued to the media.
“The biggest reduction in waiting time over the past 12 months was seen at Travancore, with the average home now spending just 42 days to sell down from 65 in January 2019.
“The regional Victorian suburb with the greatest drop since January 2019 was Cohuna on the Murray River, with a home now taking 98 days to sell down from 228 last year.”
Commenting further, REIV president Leah Calnan said having homes sell fast is a true sign of a strong market.
“Buyers have a big appetite for homes in Victoria, and strong competition for homes is causing shorter sales times,” Ms Calnan said.
“The Melbourne real estate sector is in great shape, and eager buyers can’t wait to get into a new home. Demand is high, local agents are being flooded with enquiries as soon as they list a new home for sale.
“Now is a great time to sell your property, with strong demand making the selling process quicker.
“Record-low interest rates and easier lending conditions are allowing more buyers to get into real estate.”