SHRINKING DAYS ON MARKET SHOWS DEMAND

The Real Estate Institute of Victoria’s (REIV) latest days on market analysis shows that the Ballarat region is hot property, with listings lasting just over a fortnight in some towns.

Properties in Newington were listed for an average of just 17 days before they sold in the month on June 2019. Lake Wendouree recorded 18 days on market, Brown Hill homes were listed for 22 days before they sold, getaway favourite Daylesford recorded just 22 days on market while in Wendouree, properties were listed  for 23 days before selling.

Meanwhile, Lake Gardens recorded 25 days, properties were listed for 25 days before selling in Soldiers Hill, while Mount Pleasant recorded 25 days on market in June.

Geelong suburbs also performed well: properties in Newcomb were listed for an average of 24 days in June 2019 before selling and Grovedale properties were listed for 25 days before changing hands.

Days on market is an indicator of demand for properties in the area, as the higher the demand, the less time properties are likely to be listed before being sold.

Six regional towns shaved at least 10 days off the average number of days that properties are listed before they sell comparing May and June 2019.

The South Gippsland holiday haven  of Venus Bay was the stand out performer with a 16-day reduction in its Days on Market, from 90 days in May 2019 to 75 days in June 2019.

Homes in Eastwood, a residential suburb of Bairnsdale, were listed for an average of 72 days in June before being snapped up, compared with 85 days in May, a decline of 13 days.

Another holiday destination, Lakes Entrance, recorded a 12-day reduction in its days on market, from 111 days in May to 100 days in June. It was followed by Horsham (12 days), Seymour (11 days) and Maffra (10 days).

To check the average days on market in your area, head to reiv. com.au/market-insights