REIV: Eager buyers can’t wait
Homes across Victoria are taking very little time to be sold.
Days on market figures refer to private sales only and demonstrate how long homes are taking to be sold – having homes sell quickly is a true sign of a strong market.
The “Days on Market’ data for January 2020 from the Real Estate Institute of Victoria have shown that the average Victorian house is only taking 38 days to sell, much lower than the 44 days it took this time last year.
Outer Melbourne is the fastest-selling area in metro Melbourne with suburbs in the outer ring taking just 33 days to sell on average, marginally ahead of middle Melbourne on 34 days with inner Melbourne homes taking 41 days to sell on throughout January 2020.
Days on market stats remain stable in regional Victoria with a house taking 55 days to sell during January, the same as in December 2019.
Brown Hill and Winter Valley in Ballarat have the shortest waiting period across regional Victoria, with the average property taking just 22 days to sell. Daylesford is close behind on 25 days.
The regional Victorian suburb with the greatest drop since since Jan 2019 was Cohuna on the Murray River, with a home now taking 98 days to sell down from 228 last year.
Buyers have a big appetite for homes in Victoria, and strong competition for homes is causing shorter sales times.
The Victorian real estate sector is in great shape, and eager buyers can’t wait to get into a new home.
Demand is high, local agents are being flooded with enquiries as soon as they list a new home for sale.
Now is a great time to sell your property, buyers are pushing prices up, and you don’t have to deal with a long drawn out sales process.
Record low interest rates and easier lending conditions are allowing more buyers to get into real estate.
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.