REIV: Regional time on market drops

THE Real Estate Institute of Victoria’s (REIV) latest Days on Market data reveals that properties in Regional Victoria were snapped up nine days faster in the 12 months to July 31 2018 compared with the previous year.

The median number of days on market for Regional Victoria was 42 in the 12 months to July 31 2018 compared with 51 at July 31 2017.

This is a good indicator for the regional market, as a decline in the number of days a home takes to sell is often reflective of increased buyer demand and interest in an area or town.

The Days on Market data supports the REIV’s recent quarterly median house price data which showed that the Regional Victorian housing market was outperforming Metropolitan Melbourne in terms of growth in median property prices.

Nine of the top 10 performers for Days on Market were suburbs of Geelong or Ballarat.

Homes remained on the private market for a median of 13 days in Waurn Ponds while the figure for nearby Grovedale and St Albans Park was 16 days.

Next on the list was the Ballarat suburb of Invermay Park at 18 days on market, followed by Whittington with 18 days, Newcomb with 19 days, Leopold with 21 days and Ballarat North, Broadford and Corio with 22 days.

If we look at how the private sale market compared in the 12 months to July 31 2018 compared with the previous year, the top two performers were Gippsland holiday towns.

Loch Sport experienced the highest improvement over the year with homes selling 151 days quicker than in July 2017. Next on the list was Lakes Entrance at 105 days.

Homes also sold a median of 108 days faster in Maldon, followed by Heathcote at 103 days, Long Gully at 59 days and Bacchus Marsh at 54 fewer days on market.

For more information on median days on market, visit reiv.com.au/market-insights.