Homes selling like hotcakes

November 21, 2019 BY

Gil King

NEW figures from the Real Estate Institute of Victoria have revealed the average Victorian house spends just 42 days on the market before being sold.

It’s a great time to be in Victorian real estate; excitement is growing as more eager buyers are getting on the market.

The Central Highlands region has fared well with Daylesford as well as the Ballarat suburbs of Winter Valley, Brown Hill, and Lake Gardens recording the shortest waiting periods across regional Victoria, with the average property spending a mere 22 days on the market, this was followed closely by fellow Ballarat suburbs Delacombe at 25 days and Newington listing for 26.

Cohuna has seen the biggest reduction in days on the market over the past 12 months in the state, with a drop of 76 days from its October 2018 figures.

Extra competition has led to growing prices for sellers and reduced selling times. REIV members across the state who are reporting that new enquiries from potential buyers are flying in every day.

Shorter waiting times indicate that there’s a lot of motivated buyers desperate to purchase a home.

It’s very easy to get finance, and with interest rates at a record low, people are champing at the bit to invest in property.

If selling has been on your mind, now is the absolute perfect time to get on the market.

Looking for objective information on the market or an agency? Visit reiv.com.au.