The market is moving

The Real Estate Institute of Victoria’s latest Days on Market analysis shows that the Ballarat region is hot property, with listings lasting just over a fortnight in some suburbs.

Properties in Newington were listed for an average of just 17 days before they sold in the June reporting period. Lake Wendouree recorded 18 days on market, Brown Hill homes were listed for 22 days, getaway favourite Daylesford also recorded 22 days while in Wendouree properties were listed for 23 days before selling. Meanwhile, Lake Gardens recorded 25 days, as did Soldiers Hill, and Mount Pleasant.

Geelong suburbs also performed well. Properties in Newcomb were listed for an average of 24 days before selling and Grovedale properties were listed for 25 days.

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 standout performer with a 16-day reduction in its Days on Market, from 90 days in May to 75 days in June.

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-day reduction), Seymour (11 day reduction) and Maffra (10 day reduction).

To check the average days on market in your area, you can visit reiv.com.au/market-insights.