RESIDENTIAL PROPERTY

Optimism returning to residential market

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IN the lowest recorded rate since 2009, the average Victorian home is spending only 33 days on the market before being sold.

According to REIV, the Victorian real estate market is beginning to show signs of recovery with the easing of COVID-19 restrictions, as this metric of Days on Market reflects increasing buyer interest.

“With homes in Victoria taking less time to sell, optimism is returning to the Victorian real estate market,” said Leah Calnan, President at REIV.

In September the state recorded an average 71 days on market, with the October 2020 33 days, being ahead of even October 2019 figures of 40 days.

Again, in Metropolitan Melbourne, homes in October were being purchased faster than at the same time last year, at 25 days on average this year and 34 days in 2019. These numbers are also greatly improved from 74 days it took in September of this year.

Regional Victoria recorded an average of 43 days to sell, compared to 56 days in the previous month and 55 days in October of last year.

In Melbourne’s east, the suburb of Montrose was the fastest area in the state with homes on average selling in 14 days, down from last year’s 17. Chirnside Park followed with an average of 17 days on market, staying stable from the month before but ahead of the year before at 29 days to sell. Lilydale, Mount Evelyn and North Warrandyte all saw an average of 18 days on the market.

And in Regional Victoria, Eastwood near Bairnsdale was the fastest to sell at 23 days, compared to last October’s 64 days. Eastwood also saw the greatest year-on-year drop in Regional areas. Epsom was the next fastest to sell in October at 24 days from listing to sale, down from September’s 27 days and last year’s 38 days.

“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,” said Calnan.

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