Days on Market data shows Melbourne's south west is in hot demand

Date: 17 Sep 18

The Real Estate Institute of Victoria’s (REIV) latest Days on Market data shows that properties in Melbourne’s south west are being snapped up in much quicker timeframes than this time last year, signaling intense competition from buyers in the area. 

REIV President Richard Simpson said there is a clear trend in the south west.

“Properties in Williams Landing sold 41 days faster this August compared with 2017 while those in neighbouring Seabrook were on the market for 35 fewer days, Point Cook listings sold 19 days quicker and the days on market for Altona narrowed by 16 days,” Mr Simpson said.

“Melbourne’s south west is becoming increasingly popular with buyers, especially young families, who are attracted by access to public transport, proximity to the CBD, plenty of green open space, shopping centres and community facilities.

“The median house price for Point Cook and Williams Landing are both below the $840,000 median house price for Metropolitan Melbourne and below the $750,000 cut off for first homebuyer incentives. The median in Point Cook increased 13.4 per cent in the 12 months to 30 June 2018 to $706,000 while Williams Landing’s median went up by 10.6 per cent to $685,000.”

SUBURB Aug-18 Aug- 17
ALTONA 32 48

Days on market increased four days (from 32 days in August 2017 to 36 days in August 2018) for Metropolitan Melbourne but decreased four days, from 47 to 43, for Regional

“Private property listings do not last long in the Yarra Valley with the REIV’s Days on Market
data showing that homes are snapped up within 10 days in Millgrove, 13 days in Upwey, 14
days in Woori Yallock, 15 days in Yarra Junction and Launching Place and 17 days in
Warburton,” Mr Simpson said.

“The South Gippsland town of Lang Lang had the most significant narrowing of days on market between August 2017 and August 2018, shaving off 63 days from 82 to 19.

“Other strong performers were Skye, Narre Warren South, Doreen, Cranbourne East and Cranbourne West where properties lasted just 20 days on market.”

For days on market and other detailed property information including sales results, median prices, trends and statistics, please visit the Market Insights section of the REIV website.