Homes that hit the market across Victoria have been snapped up quickly, spending only a little time on the market.
The latest figures from the REIV have revealed the average house in Melbourne takes 34 days to be sold, compared to 42 days at the same time last year.
Within the capital city, Outer Melbourne is the fastest-selling area, with the average listing on the market at 33 days, followed by Middle Melbourne at 34 days and Inner Melbourne at 41 days.
Properties are selling the quickest in the Melbourne East suburbs of Warranwood and Montrose, where the average property takes just 15 and 16 days to sell.
Interest has changed the scene in Travancore, which saw the average sale time drop from 65 days in January last year to 42 days this year.
Property sale time in regional Victoria remained stable, at 55 days, the same as it was in December 2019.
Ballarat’s Brown Hill and Winter Valley had the shortest waiting period in regional parts of the state, with the average property selling in 22 days.
Cohuna on the Murray River saw a massive drop in listing days, now at 98 days on the market, down from 228 days last year.
The quick sale of homes is a sign of a strong market, REIV president Leah Calnan said.
“Buyers have a big appetite for homes in Victoria, and strong competition for homes is causing shorter sales times,” Ms Calnan said.
“The Melbourne real estate sector is in great shape, and eager buyers can’t wait to get into a new home.
“Demand is high, local agents are being flooded with enquiries as soon as they list a new home for sale.”
With strong demand, Ms Calnan said this is an excellent time to sell your property.
“Record-low interest rates and easier lending conditions are allowing more buyers to get into real estate.”