Median days drop

Regional Victoria’s property market is the strongest in seven years with homes selling in a median of just 49 days in August – the shortest period since February 2010 and 18 days faster than the same period last year.

The median number of days a home takes to sell in a particular town or region indicates the strength of the private sale market in that area, with declines signalling increased buyer interest.

New REIV data shows the seaside town of Inverloch experienced one of the state’s largest improvements over the year with homes spending a median of 89 days on market in August – 99 days less than the same period last year.

Kyabram in north-west Victoria also saw increased buyer demand with homes selling 59 days faster this August, in a median of 82 days.

Homes also sold faster in Barwon Heads and Yarrawonga in a median of 45 and 87 days respectively, both down by 53 days on August 2016 figures.

Popular tourist destinations Hepburn Springs and Cowes also recorded doubledigit declines in the number of days a home took to sell, with homes spending a median of 40 and 64 days on market respectively.

Other towns where homes sold faster this year include Woodend, down 33 days over the year to a median of 44 days on market; Ocean Grove, falling 31 days to a median of 49 days; Bannockburn, down 30 days over the year to 47 days on market; and Buninyong, falling 27 days to a median of 32 days on market.

Meanwhile some of the state best performing private sale markets are located in regional Victoria with homes in Waurn Ponds selling in a median of just 21 days.

Irymple, near Mildura, was also home to one of Victoria’s strongest private sale markets with homes spending a median of just 23 days on the market.

Buyer demand was also evident in multiple towns within commuting distance of Melbourne including St Albans Park (25 days on market), Corio (25 days), Longwarry (26 days), Lara (27 days on market) and Belmont (27 days).

For more information on median days on market, head to reiv.com.au.