A red-hot-run for private property listings in regional Victoria

Date: 6 Jul 21

Regional Victoria is experiencing the shortest Days on Market since 2010.

Regional suburbs have been on a red-hot-run for six consecutive months – following the
protracted 2020 lockdown – recording an average of under 40 days on the market, with a
median of 35 days in May 2021. Meanwhile, properties in outer Melbourne sold in an average of
22 days, or 10 days below the median for metropolitan Melbourne.

DOM or Days on Market is a count of the number of days a property will typically be listed for
before it’s sold. It gives an insight into the level of buyer interest and activity.

Real Estate Institute of Victoria May 2021 statistics show that buyer activity is strong with Days
on Market for outer Melbourne and regional Victoria listings recorded as some the shortest in
over a decade.

Private property listings and sales are the preferred approach for real estate in regional Victoria,
with 84 per cent of activity falling under this category.

The data gives us a good indicator that more and more Victorians are making the move to outer
Melbourne and the regional areas beyond. Five towns recorded substantial decreases in Days
on Market, slashing at least 60 days from May 2020 figures. The coastal tourist town of Loch
Sport, in Central Gippsland, cut back by more than 100 days and another 21 towns have
reduced Days on Market by at least 30 days.

Our March quarterly median price data revealed historic increases in regional Victoria, where
houses surpassed $500,000 for the first time with a 4.1 per cent increase from the December
quarter, and 12.3 per cent annual growth.

The benefits of the strong real estate market have been shared around the state, not just in the
traditional inner suburbs, with many city-dwellers taking up residence in regional Victoria, thanks
to the adoption of flexible working arrangements and the reassessment of lifestyle priorities.

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