27th July 2020: Victorian Homes are Not Hanging Around

Brought to you by REIV- Andrew Kilmartin

REIV President Leah Calnan says that 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 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 for properties sold by private treaty gives an insight into the current buyer demand.

"There remains a huge interest from buyers despite the State undergoing restrictions due to the pandemic." Ms Calnan said.

"The REIV days on market figures, amongst 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.

Selling a home in Montrose in Melbourne's East provides the shortest turnaround in the State; where homes are being sold in a mere 14 days on average, down from 17 days last year.

Warranwood and Chirnside Park follow taking just 18 and 19 days to sell a home respectively.

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.

President of the REIV Leah Calnan said real estate in Victoria remains highly sought after.

"These figures provide great confidence to sellers, that buyers are rapidly snapping up Victorian real estate."

"Properties spending less time on the market means sellers won't have to deal with the stress of a lengthy real estate transaction."

"This is a great time to sell your property, a relatively lower voume of property listings is producing strong prices and driving down the selling time."