Vic homes don’t stick around
Date: 26 Feb 20
MEDIA RELEASE
Wednesday, 26 February 2020
REIV President Leah Calnan says Victorian homes continue to take very little time to sell.
Days on market figures refer to private sales only and demonstrate how long homes are taking to be sold.
The latest Days on Market data from the Real Estate Institute of Victoria has revealed that the average Melbourne house takes 34 days to be sold, down from 42 days this time last year.
Outer Melbourne is the fastest-selling area in Metro Melbourne with suburbs in the outer ring taking just 33 days to sell on average, marginally ahead of Middle Melbourne on 34 days with Inner Melbourne homes taking 41 days to sell in January 2020.
Warranwood and Montrose in Melbourne’s East have the shortest waiting periods across the State, with the average property taking just 15 and 16 days to sell, just over two weeks.
The biggest reduction in waiting time over the past 12 months was seen at Travancore, with the average home now spending just 42 days to sell down from 65 in January 2019.
Days on Market stats remain stable in Regional Victoria with a house taking 55 days to sell during January, the same as in December 2019.
Brown Hill and Winter Valley in Ballarat have the shortest waiting period across Regional Victoria, with the average property taking just 22 days to sell. Daylesford is close behind on 25 days.
The regional Victorian suburb with the greatest drop since January 2019 was Cohuna on the Murray River, with a home now taking 98 days to sell down from 228 last year.
REIV President Leah Calnan said having homes sell fast is a true sign of a strong market.
“Buyers have a big appetite for homes in Victoria, and strong competition for homes is causing shorter sales times.” Ms Calnan said.
“The Melbourne real estate sector is in great shape, and eager buyers can’t wait to get into a new home.”
“Demand is high, local agents are being flooded with enquiries as soon as they list a new home for sale.”
“Now is a great time to sell your property, with strong demand making the selling process quicker.
“Record low interest rates and easier lending conditions are allowing more buyers to get into real estate.”
“If you are looking for an REIV Member to sell your property visit reiv.com.au/choose-a-member.”
Media contact:
Andrew Kilmartin 0418395346
REIV Days on Market, Private Sales, 12-month ending relevant month
| Region |
Jan-20 |
Dec-19 |
Nov-19 |
Jan-19 |
| INNER MELBOURNE |
41 |
40 |
42 |
43 |
| MIDDLE MELBOURNE |
34 |
35 |
35 |
44 |
| OUTER MELBOURNE |
33 |
33 |
32 |
42 |
| METRO MELBOURNE |
34 |
34 |
33 |
42 |
| REGIONAL VICTORIA |
55 |
55 |
57 |
52 |
| VICTORIA TOTAL |
38 |
38 |
39 |
44 |
Metropolitan Melbourne
Only suburbs with a minimum of 20 sales were included
| Suburb |
Jan-20 |
Dec-19 |
Jan-19 |
| WARRANWOOD |
15 |
15 |
27 |
| MONTROSE |
16 |
16 |
27 |
| MILLGROVE |
19 |
19 |
10 |
| CROYDON SOUTH |
20 |
20 |
39 |
| CROYDON HILLS |
23 |
23 |
24 |
| SCORESBY |
23 |
24 |
29 |
| WATSONIA NORTH |
24 |
24 |
- |
| NORTH WARRANDYTE |
24 |
27 |
29 |
| LYSTERFIELD |
25 |
24 |
29 |
| DIAMOND CREEK |
25 |
26 |
30 |
| UPPER FERNTREE GULLY |
25 |
26 |
27 |
| WANDIN NORTH |
25 |
23 |
33 |
| WANTIRNA |
25 |
26 |
31 |
| BELGRAVE |
26 |
27 |
29 |
| BAYSWATER NORTH |
26 |
26 |
29 |
| CHIRNSIDE PARK |
26 |
26 |
27 |
| FERNTREE GULLY |
26 |
27 |
27 |
| LANGWARRIN |
26 |
27 |
24 |
| MILL PARK |
26 |
26 |
26 |
| MOUNT EVELYN |
26 |
27 |
23 |
| RINGWOOD NORTH |
26 |
29 |
30 |
Regional Victoria
Only suburbs with a minimum of 20 sales were included
| Suburb |
Jan-20 |
Dec-19 |
Jan-19 |
| BROWN HILL |
22 |
22 |
25 |
| WINTER VALLEY |
22 |
21 |
17 |
| DAYLESFORD |
25 |
22 |
27 |
| NEWINGTON |
26 |
29 |
18 |
| EPSOM |
26 |
27 |
52 |
| BALLARAT CENTRAL |
27 |
29 |
26 |
| DELACOMBE |
27 |
25 |
24 |
| WANGARATTA |
27 |
28 |
31 |
| LAKE GARDENS |
28 |
26 |
19 |
| LAKE WENDOUREE |
28 |
27 |
24 |
| ALFREDTON |
29 |
33 |
27 |
| GROVEDALE |
29 |
29 |
19 |
| SEBASTOPOL |
29 |
31 |
28 |
| LUCAS |
30 |
30 |
65 |
| GEELONG WEST |
32 |
32 |
32 |
| GEELONG |
32 |
32 |
33 |
| WENDOUREE |
32 |
30 |
22 |
| CANADIAN |
33 |
35 |
42 |
| NEWTOWN |
33 |
33 |
32 |
| STRATHDALE |
33 |
36 |
41 |
| SWAN HILL |
33 |
32 |
39 |
Top 20 Metropolitan Suburbs - Days on market – Greatest Difference past 12 months
| Suburb |
Jan-20 |
Dec-19 |
Jan-19 |
Difference |
| TRAVANCORE |
42 |
42 |
65 |
23 |
| CROYDON SOUTH |
20 |
20 |
39 |
19 |
| DROMANA |
42 |
42 |
59 |
17 |
| HEATHMONT |
27 |
27 |
43 |
16 |
| POINT COOK |
46 |
50 |
62 |
16 |
| BLACK ROCK |
38 |
37 |
52 |
15 |
| DONCASTER |
36 |
39 |
50 |
14 |
| WATSONIA |
29 |
30 |
43 |
14 |
| VERMONT |
27 |
28 |
39 |
13 |
| IVANHOE |
33 |
33 |
45 |
12 |
| VIEWBANK |
31 |
39 |
43 |
12 |
| WARRANWOOD |
15 |
15 |
27 |
12 |
| MONTROSE |
16 |
16 |
27 |
11 |
| OAK PARK |
36 |
36 |
47 |
11 |
| HURSTBRIDGE |
36 |
44 |
45 |
10 |
| BRIAR HILL |
27 |
27 |
35 |
8 |
| CAMBERWELL |
44 |
44 |
52 |
8 |
| DEER PARK |
37 |
40 |
45 |
8 |
| MURRUMBEENA |
29 |
30 |
37 |
8 |
| KEYSBOROUGH |
34 |
40 |
41 |
8 |
| WANDIN NORTH |
25 |
23 |
33 |
8 |
Top 20 Regional Suburbs - Days on market – Greatest Difference past 12 months
| Suburb |
Jan-20 |
Dec-19 |
Jan-19 |
Difference |
| COHUNA |
98 |
102 |
228 |
131 |
| QUARRY HILL |
51 |
51 |
111 |
61 |
| NAGAMBIE |
56 |
57 |
107 |
51 |
| BENALLA |
59 |
63 |
104 |
46 |
| PAYNESVILLE |
113 |
116 |
156 |
44 |
| STAWELL |
70 |
75 |
109 |
39 |
| HORSHAM |
44 |
49 |
82 |
38 |
| LUCAS |
30 |
30 |
65 |
35 |
| MAFFRA |
81 |
86 |
114 |
34 |
| MOOROOPNA |
52 |
52 |
81 |
29 |
| HEYFIELD |
92 |
83 |
119 |
27 |
| EPSOM |
26 |
27 |
52 |
26 |
| SPRING GULLY |
36 |
36 |
62 |
26 |
| WARRNAMBOOL |
43 |
47 |
64 |
21 |
| TRARALGON |
70 |
69 |
88 |
18 |
| SHEPPARTON |
57 |
65 |
74 |
17 |
| MERBEIN |
34 |
34 |
47 |
13 |
| KANGAROO FLAT |
35 |
35 |
48 |
13 |
| KENNINGTON |
43 |
43 |
55 |
12 |
| NORTH BENDIGO |
45 |
50 |
56 |
11 |
| PORTLAND |
82 |
82 |
92 |
11 |