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Vic homes spend shortest time on market in 11 years

Despite being severely impacted by the COVID-19 pandemic, the demand for Victorian housing remains strong, with average time on market at its lowest level in over a decade.

The Real Estate Institute of Victoria’s latest Day on Market data showed that the average Victorian home spent just 33 days on the market before being sold in October 2020, the shortest time on market since 2009.  

According to REIV president Leah Calnan, this trend signals the recovery of the Victorian real estate market post-COVID-19 restrictions, with buyer interest elevated across the market.

Results recorded in October 2020 showed the market picking up strongly after recording a sluggish 71 days on market in September, coming back stronger even when compared with the average 40 days on market in October 2019. 

Homes in metropolitan Melbourne were purchased within just 25 days on average, much quicker than the 74 days it took to sell in September 2020, and even less than the 34 days it took this time last year. 

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Inner Melbourne recorded the shortest time on market at 24 days, followed by middle Melbourne and outer Melbourne at 27 days.

In regional Victoria, it took 43 days to sell a home, down from 56 days in September 2020 and 55 days in October 2019. 

Looking closer to metropolitan areas, Montrose in Melbourne’s east stood as the fastest area in the state to sell a house, with homes being sold in just 14 days, down from 17 days last year. 

Following Montrose are Chirnside Park with 17 days; Lilydale, Mount Evelyn and North Warrandyte with 18 days; Viewbank with 19 days, and Diamond Creek with 20 days.

In regional Victoria, Eastwood near Bairnsdale is the quickest place to sell a home, taking only 23 days from listing, down from 64 days last year. 

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

“Days on market is a strong indicator of buyers’ desire. Competition between buyers is heating up, and people aren’t waiting to purchase the property they want. Low days on market data is very encouraging as we are coming out of COVID-19 restrictions.  

“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.” 

[Related: Victoria commits $5.4bn to home building]

Vic homes spend shortest time on market in 11 years
Vic homes spend shortest time on market in 11 years
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