The latest Days on Market data (October 2020) from the Real Estate Institute of Victoria revealed the average Victorian home is spending just 33 days on the market before being sold, the lowest period recorded since 2009.
REIV president Leah Calnan said the Victorian real estate market was starting to shine post-COVID-19 restrictions, with homes across the state taking less time to sell.
Calculated as a rolling monthly average for properties sold by private treaty, Days on Market data is a metric that reflects the level of buyer interest in the market.
The October 2020 results show a market picking up strongly after recording a sluggish 71 Days on Market in September, coming back stronger even when compared to the 40 days it took to sell in October 2019.
Homes in metropolitan Melbourne are purchased within just 25 days on average, much quicker than the 74 days it took to sell in September 2020, and even less than the 34 days it took this time last year.
In regional Victoria it now takes a home 43 days to sell, down from 56 days in September 2020 and 55 days in October 2019. Montrose in Melbourne’s east is the fastest area in the state to sell a house with homes being sold in just 14 days, down from 17 days last year.
Eastwood near Bairnsdale is the quickest place to sell a home in Regional Victoria, taking only 23 days from listing, down from 64 days last year.
Ms Calnan said Victorian real estate agents were enthusiastically servicing buyers returing to the market.
“With homes in Victoria taking less time to sell, optimism is returning to the Victorian real estate market.
“Days on Market is a strong indicator of buyers’ desire, competition between buyers is heating up, and people aren’t waiting to purchase the property they want. Low days on market data is very encouraging as we are coming out of COVID-19 restrictions.
“While others have been predicting a big fall in Victoria’s property market, the REIV has consistently reported accurate, objective statistics that show the underlying strength of our property market.”