While all the news from Victoria at the moment seems to fall firmly into the ‘doom and gloom’ category, new data from the Real Estate Institute of Victoria (REIV) paints a sunnier picture.
REIV President Leah Calnan says that, despite the pandemic, residential property across the state is selling faster now than 12 months prior.
The average home in Victoria is spending 41 days on the market before sale, down from 44 days in the same period last year.
In Melbourne, homes are sold within 39 days, versus 42 days in 2019. All figures are for June.
“There remains a huge interest from buyers despite the state undergoing restrictions due to the pandemic,” Ms Calnan said.
“The REIV days on market figures, amongst a range of other measures, show that our state’s property market is holding strong and delivering great results across the board.”
The fastest turnarounds are occurring in Montrose (Melbourne’s East) where homes sell in just 14 days, while regionally, Lake Gardens in Ballarat averages a sale speed of just 24 days.
“These figures provide great confidence to sellers, that buyers are rapidly snapping up Victorian real estate,” Ms Calnan explained.
“Properties spending less time on the market means sellers won’t have to deal with the stress of a lengthy real estate transaction.
“This is a great time to sell your property, a relatively lower voume of property listings is producing strong prices and driving down the selling time.”
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