Victorian homes selling quicker than in previous years; REIV study

Victorian homes selling quicker than in previous years; REIV study
Victorian homes selling quicker than in previous years; REIV study

Houses in Victoria are taking much less time to sell, according to latest Days on Market data from REIV.

The data revealed that the average Melbourne house takes 34 days to sell, down from 42 days this time last year when the housing market was still declining.

Outer Melbourne is the fastest-selling area in Metro Melbourne, with suburbs in the outer ring taking just 33 days to sell on average, marginally ahead of Middle Melbourne on 34 days.

Inner Melbourne homes are taking 41 days to sell.

Warranwood and Montrose in Melbourne’s East have the shortest waiting periods across Victoria, with the average property taking just 15 and 16 days to sell.

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.

Days on Market stats remain stable in regional Victoria with a house taking 55 days to sell during January, the same as in December 2019.

Brown Hill and Winter Valley in Ballarat have the shortest waiting period across Regional Victoria, with the average property taking just 22 days to sell. Daylesford is close behind on 25 days. 

The regional Victorian suburb with the greatest drop since Jan 2019 was Cohuna on the Murray River, with a home now taking 98 days to sell down from 228 last year.

REIV President Leah Calnan said having homes sell fast is a true sign of a strong market.

“The Melbourne real estate sector is in great shape, and eager buyers can’t wait to get into a new home", Calnan said.

"Demand is high, local agents are being flooded with enquiries as soon as they list a new home for sale.”

Tags: 
Victoria Days On Market

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