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|
|Region||Oct 19||Sep 19||Aug 19||Jul 19||Jun 19||May 19||Apr 19||Mar 19||Feb 19||Jan 19||Dec 18||Nov 18||Oct 18|
|Days On Market|
|Suburb||LGA||Oct 19||Sep 19||Oct 18||Changes from this time last year|
|AVONDALE HEIGHTS||Moonee Valley||50||39||64||-15|
|AIRPORT WEST||Moonee Valley||42||42||52||-10|
*Days on Market data is calculated on private sales.