If you’re a regular reader of these posts you’ll already know that one of the interesting facts to emerge while we have been dealing with all the challenges that 2020 has provided is just how resilient the Victorian property market has proven to be.
We saw further evidence of this during the week, when the latest market data from the REIV showed that despite all the uncertainty of the coronavirus lockdown, residential property in Victoria was selling more quickly in the June quarter than it was three months and twelve months prior!
The latest figures up to June 2020 showed that the average Victorian home is spending just 41 days on the market. This compares with 44 days at the same time last year.
If you were to remove the regional market from these figures and consider the metropolitan Melbourne market alone, the average time on market in June was just 39 days. This was down from 40 days in the march quarter, and 42 days at the same time in 2019.
In case you are curious about which areas of Melbourne are selling most quickly, the REIV figures indicate that our middle-ring suburbs were selling in an average of 37 days. The inner suburbs took an average of 38 days whilst the average home in the outer ring took 39 days to sell. All three zones were down on the same time last year.
Interestingly, the Top Four suburbs for quick sales times were all in Melbourne’s outer-eastern suburbs. The suburb with the quickest average sale was Montrose with an average time on market of just 14 days. This was followed by Warranwood at 18 days; then Chirnside Park and Warrandyte North on 19 days.
For those with an eye on the regional market, Lake Gardens in Ballarat was the fastest regional area in Victoria to sell a home, averaging 24 days. It was closely followed by Winter Valley and Wangaratta, averaging 25 and 26 days respectively.
With so many different factors impacting on the property market right now, from the increase in off-market sales to the impact of online Auctions, having an experienced, independent Advocate by your side to help you buy or sell could be your greatest competitive advantage.
The team at Ian Reid are ready and able to assist you in all your property dealings, so why not give us a call on 9430 0000 today to discuss your options? You’ll also find plenty of helpful suggestions for property sellers in our free booklet, “Fatal Real Estate Traps Exposed”.