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Victoria’s market defies COVID pandemic

28 July 2020 Cameron Micallef
market defies COVID pandemic

Despite the restrictions to selling properties due to the coronavirus pandemic, the demand remains for residential properties in Victoria, new research has found.

According to results released by the Real Estate Institute of Victoria (REIV), houses spent just 41 days (until June 2020) down from 44 days in the same time last year.

Days on market for properties sold by private treaty gives an insight into the current buyer demand. 

“There remains a huge interest from buyers despite the state undergoing restrictions due to the pandemic,” REIV president Leah Calnan said.

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“The REIV days on market figures, among a range of other measures, show that our state’s property market is holding strong and delivering great results across the board.” 

Homes in metropolitan Melbourne are being sold within 39 days on average, improving on the 42 days it took in June 2019. 

Selling a home in Montrose in Melbourne’s east provides the shortest turnaround in the state where homes are being sold in a mere 14 days on average, down from 17 days last year. 

Warranwood and Chirnside Park follow, taking just 18 and 19 days to sell a home, respectively. 

Lake Gardens in Ballarat is the fastest place to sell a home in regional Victoria, taking only 24 days from listing, down from 25 days last year. 

Winter Valley and Wangaratta are the second and third fastest localities to sell a property in regional Victoria, taking just 25 and 26 days, respectively. 

Ms Calnan said the data proves that the Victorian residential housing market still remains highly desirable.

“Properties spending less time on the market means sellers won’t have to deal with the stress of a lengthy real estate transaction,” Ms Calnan concluded. 

“This is a great time to sell your property; a relatively lower volume of property listings is producing strong prices and driving down the selling time.”

Victoria’s market defies COVID pandemic
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