Buyers can’t wait to get a slice of Melbourne real estate

Written by in Buying on November 13, 2019

REIV President Leah Calnan says that sellers are waiting less for their homes to sell.

New figures from Real Estate Institute of Victoria have revealed the average Melbourne house spends just 34 days on the market before being sold, down from 38 days this time last year.

Montrose and Strathmore have the shortest waiting periods across Melbourne, with the average property spending a mere 17 days on the market.

Black Rock has seen the biggest reduction in days on the market over the past 12 months, with the average home now spending 40 days on the market, down from 56 in October 2018.

Melbourne’s North-West remains popular with three suburbs from Moonee Valley (Travancore, Avondale Heights, and Airport West) being in the top 10 suburbs that have seen the highest annual decrease on their days on the market.

President of the REIV Leah Calnan said real estate in Melbourne is highly sought after.

“Melbourne’s real estate sector is buzzing, there is increasing competition for purchases and people are getting shorter turnaround times.” Ms Calnan said.

“Our members are telling us that they are being flooded by new enquiries from people looking to purchase a home in Melbourne. Less time on the market means we have a lot of hungry buyers who can’t wait to purchase a home.”

“With interest rates remaining low, and lending conditions softened, there are a lot of cashed-up buyers looking to invest locally. Some homes are sold in less than a month, there a is a large demand for new homes to be listed for sale.”

“If you are thinking about selling, now is the time to do it, you’ll be in line for a great price and a speedy transaction.”

Days on Market             
RegionOct 19Sep 19Aug 19Jul 19Jun 19May 19Apr 19Mar 19Feb 19Jan 19Dec 18Nov 18Oct 18
Inner Melbourne41424349465245454642474645
Middle Melbourne38383845434743426343454240
Outer Melbourne33313443414742415143424038
Metro Melbourne34333447444943426142424038
Regional VIC5657645858555049575250


Days On Market     
Suburb LGAOct 19Sep 19Oct 18Changes from this time last year
BLACK ROCK Bayside 405256-17
TRAVANCORE Moonee Valley 424158-16
AVONDALE HEIGHTS Moonee Valley 503964-15
DONCASTERManningham 404254-14
AIRPORT WESTMoonee Valley 424252-10
BLAIRGOWRIE Mornington Peninsula 334142-9
CAMBERWELL Boroondara 424150-8
HEATHMONT Maroondah 283036-8
VERMONT Whitehorse 323639-8
WATSONIABanyule 374043-7
WINDSORPort Phillip 343541-7
CHADSTONE Monash363642-6
POINT COOKWyndham526257-5
WARRANWOOD Maroondah171722-5
MONTROSEYarra Ranges 172021-5
STRATHMOREMoonee Valley 363941-5
TEMPLESTOWEManningham 393944-5
WEST MELBOURNE Melbourne474652-5
IVANHOE Banyule 353439-4


*Days on Market data is calculated on private sales.