Regions selling faster

Regional Victoria’s property market continues to perform strongly with homes spending a median of just 46 days on the market in November – 16 days faster than the same period last year.

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

New REIV data shows Queenscliff, on the Bellarine Peninsula, experienced one of the state’s largest improvements over the year with homes selling in a median of 84 days in November. This is 42 days faster than the same period last year.

Stratford’s private sale market also recorded significant improvements with homes selling 36 days faster than last year, in a median of 78 days.

Increased demand was also evident in Bacchus Marsh on the outskirts of Melbourne, with homes in the town selling in a median of 45 days in November – 28 days faster than the same period last year.

The coastal town of St Leonards also saw increased buyer interest with homes spending a median of 58 days on the market in November, down from 79 days last year.

Creswick and Trafalgar both experienced double-digit improvements in median days on market over the year with homes selling in a median of 35 and 41 days respectively.

Other towns where homes sold faster this year include Eaglehawk, down 11 days to a median of 77 days on market; Inverloch, falling 11 days to 59 days; Kyneton, down nine days to 65 days; and Alfredton, down eight days to a median of 37 days on market.

Meanwhile, some of Victoria’s top private sale markets are located in regional areas with homes in Longwarry selling in a median of just 19 days.

Waurn Ponds was another of the state’s most in-demand areas with homes selling in a median of just 20 days.

Areas within commuting distance of Melbourne were some of the most sought after including the Geelong suburbs of St Albans Park (median of 21 days on market), Newcomb (22 days), Corio (24 days), Lara (26 days) and Norlane (26 days).

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