Media Release
The latest Days on Market data (October 2020) from the Real Estate Institute of Victoria revealed that the average Victorian home is spending just 33 days on the market before being sold, the lowest recorded since 2009.
REIV President Leah Calnan says that the Victorian real estate market is 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.
REIV President Leah Calnan said Victorian real estate agents are 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.” Ms Calnan said
“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.”
Data tables
Days on Market, Private Sales
October 2020, Seasonally Adjusted
Region
Oct-20
Sep-20
Oct-19
INNER MELBOURNE
24
71
39
MIDDLE MELBOURNE
27
75
37
OUTER MELBOURNE
27
79
32
METRO MELBOURNE
25
74
34
REGIONAL VICTORIA
43
56
55
VICTORIA TOTAL
33
71
40
Source: REIV
Days on Market, Private Sales
Quicket Metro Suburbs
Only suburbs with a minimum of 20 sales were included
Note: data is based on 12 months ending the relevant month
Suburb
Oct-20
Sep-20
Oct-19
MONTROSE
14
15
17
CHIRNSIDE PARK
17
17
29
LILYDALE
18
19
39
MOUNT EVELYN
18
18
27
NORTH WARRANDYTE
18
20
30
VIEWBANK
19
20
44
DIAMOND CREEK
20
21
29
PARKDALE
21
27
45
CROYDON
22
22
37
BELGRAVE
23
22
49
CROYDON HILLS
23
22
24
CROYDON NORTH
23
23
36
ALBERT PARK
24
25
44
BAYSWATER
24
25
38
CARRUM DOWNS
24
23
36
CROYDON SOUTH
24
24
26
ELTHAM
24
26
37
HEIDELBERG
24
27
54
LYSTERFIELD
24
24
27
MOOROOLBARK
24
26
34
Days on Market, Private Sales
Quickest suburbs Regional Victoria
Only suburbs with a minimum of 20 sales were included
Note: data is based on 12 months ending the relevant month
Suburb
Oct-20
Sep-20
Oct-19
EASTWOOD
23
23
64
EPSOM
24
27
38
SEBASTOPOL
25
28
32
WANGARATTA
25
27
29
NORTH WONTHAGGI
26
35
47
MOUNT CLEAR
29
30
32
ALFREDTON
30
30
36
BALLARAT NORTH
30
30
36
GROVEDALE
31
30
29
REDAN
31
33
36
BANNOCKBURN
31
33
49
MERBEIN
31
31
39
STRATHDALE
31
30
33
DELACOMBE
32
27
25
BALLARAT CENTRAL
33
32
32
WARRNAMBOOL
33
36
47
WENDOUREE
33
33
28
LARA
34
32
43
MINERS REST
34
38
37
BLACK HILL
34
37
-
***Days on Market data is calculated on private sales
REIV Media Office: 03 9205 6607