Time on market shrinking in Melbourne's south-west: REIV
Properties in Melbourne’s south-west are being snapped up much faster than the same time last year, new data shows.
The latest Real Estate Institute of Victoria (REIV) report showed properties in Williams Landing sold 41 days faster this August (64 compared with 105 in 2017), while properties in the neighbouring suburb of Seabrook were on the market for 35 fewer days (down to 49 from 84).
Point Cook listings sold 19 days quicker (52 compared to 71) and the days on market for Altona shrunk 16 days down to just 32 from 48.
REIV President Richard Simpson said there is a clear trend in this region of Melbourne.
“Melbourne’s south west is becoming increasingly popular with buyers, especially young families, who are attracted by access to public transport, proximity to the CBD, plenty of green open space, shopping centres and community facilities,” Simpson said.
Tithe median house price for Point Cook and Williams Landing are both below the $840,000 median house price for metropolitan Melbourne and below the $750,000 cut off for first home buyer incentives.
The median in Point Cook increased 13.4% in the 12 months to 30 June 2018 to $706,000 while Williams Landing’s median went up by 10.6% to $685,000.
Days on market increased four days from 32 days in August 2017 to 36 days in August 2018 for metropolitan Melbourne but decreased four days, from 47 to 43, for regional Victoria.
The South Gippsland town of Lang Lang had the most significant shrinkage of days on market between August 2017 and August 2018, losing 63 days from 82 to 19.
Other strong performers were Skye, Narre Warren South, Doreen, Cranbourne East and Cranbourne West where properties lasted just 20 days on market, Simpson said.
“Private property listings do not last long in the Yarra Valley with the REIV’s Days on Market data showing that homes are snapped up within 10 days in Millgrove, 13 days in Upwey, 14 days in Woori Yallock, 15 days in Yarra Junction and Launching Place and 17 days in Warburton."