From the REIV CEO, August 6
Despite the challenges presented by the pandemic, residential property in Victoria is selling quicker now than it was 12 months ago.
The latest data (June 2020) from the Real Estate Institute of Victoria has revealed that the average Victorian home is spending just 41 days on the market before being sold, down from 44 days in the same period last year.
Days on market data for properties sold by private treaty gives an insight into the current buyer demand.
There remains a considerable interest from buyers despite the state undergoing restrictions due to the pandemic.
The REIV days on market figures, among a range of other measures, show that our state’s property market is holding strong and delivering great results across the board.
Homes in metropolitan Melbourne are being sold within 39 days on average, improving on the 42 days it took in June 2019.
Lake Gardens in Ballarat is the fastest place to sell a home in regional Victoria, taking only 24 days from listing, down from 25 days last year.
Winter Valley and Wangaratta are the second and third fastest localities to sell a property in Regional Victoria taking just 25 and 26 days respectively.
These figures provide great confidence to sellers that buyers are rapidly snapping up Victorian real estate.
This is a great time to sell your property, a relatively lower volume of property listings is producing good prices and driving down the selling time.
As always, if a buyer or a seller is looking for objective information on the market or an agency, they should head to reiv.com.au.