Cheltenham tops the REIV list of the busiest eastside suburbs
Cheltenham tops the REIV list of the best and busiest eastside suburbs in its year to date tally.
REIV CEO Enzo Raimondo said the four 'red-hot' suburbs are Blackburn South, Ferntree Gully, Chadstone and Heidelberg, with each having had 15 or more auctions and all those homes sold.
"By the same time last year only one suburb – ASHWOOD – had a clearance rate of 100%,” Mr Raimondo said.
"There had been close to 10,000 auctions across Victoria in the June quarter, with 79% of properties – that’s almost 8,000 – sold and this was up from a clearance rate of 71% and 10,700 auctions for the same period last year.
“High demand, combined with slightly lower levels of stock in the past couple of months, has meant a drop from 37 days in April to 35 days in Metropolitan Melbourne in May – significantly lower than the long-term average of 39 days."
