One of the statistical indicators of the health of the property market is the average length of time that properties take to sell. Known as time on market, this is a measure of the number of days that a property is available for sale, from the day it is released onto the market to the day that a sale is achieved. This statistic refers only to properties available through a private sale, (as opposed to an auction).
Last week the Real Estate Institute of Victoria released their latest time on market data. These figures showed that the time that an average Melbourne house takes to sell has fallen to 34 days from an average of 42 days at this time last year.
Interestingly, the REIV figures show that homes in Outer Melbourne are selling faster than any other area of metropolitan Melbourne. Suburbs in the outer ring are averaging just 33 days, slightly ahead of Middle Melbourne which is averaging 34 days whilst home in Inner Melbourne were taking 41 days to sell.
Suburbs in the inner east seem to be particularly popular, with Warranwood, Montrose, Croydon South, Croydon Hills, Scoresby, Millgrove and Lysterfield all among the suburbs with the shortest time on market. The biggest reduction in average selling times over the past year was Travancore, which fell from 65 to 42 days.
For those readers with an interest in the regional property market, the Ballarat area is clearly experiencing strong buyer demand. Pockets like Brown Hill, Winter Valley, Newington, Delacombe and Ballarat Central were all ranked among the areas with the shortest time on market in regional Victoria. Other quick selling areas included Daylesford, and Epsom in Bendigo.
As many of our readers would already be aware, one of the keys to keeping your time on market to a minimum, and therefore reducing disruption to your life, is to approach your sale with a clear plan backed by experienced, objective advice. So if you are considering making a move in 2020, be sure to give Ian Reid Vendor Advocates a call on 1300 400 400. You’ll also find lots of helpful tips on the property market in our free booklet, “Fatal Real Estate Traps Exposed”.