Breaking news and updates daily. Subscribe to our Newsletter!

Home of the REB Top 100 Agents
Breaking news and updates daily. Subscribe to our newsletter

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Latest


Must Read


PM Tech Startup Growth Sales Marketing Industry Buyers Agent

Startup


Buyers Agent


Our Events


Real Estate Business Awards 2021

The REB Awards is the benchmark of success in the Australian real estate industry. It reflects not only the business astuteness of the country’s leading real estate operators and networks..

LEARN MORE
VIEW ALL
top 10 agents

Alexander Phillips

Top 1

Year of Experience: 21

Support Staff: 3

Residential Property Listings Secured: 241

Total Value of Residential Properties Sold: $ 706,737,500

VIEW COMPLETE REPORT
1/10
Do you have an industry update?

top suburbs

12 month growth
Manyana
70.61%
Tamarama
70.55%
Box Hill
64.95%
Goodwood
64.38%
Bawley Point
63.64%
Lennox Head
62.11%
Casuarina
62.08%
Queenstown
61.31%
Warana
60%
Cooroibah
59.43%
SEE AREA REPORTS ON SMART PROPERTY INVESTMENT WEBSITE
Subscribe to Newsletter

Ensure you never miss an issue of the Real Estate Business Bulletin.
Enter your email to receive the latest real estate advice and tools to help you sell.

Private sales surge

By Staff Reporter
25 September 2014 | 1 minute read

Melbourne’s strong property market has highlighted a further trend for private sales increasing in a number of outer suburbs this year, says the Real Estate Institute of Victoria (REIV).

REIV chief executive officer Enzo Raimondo said properties in Croydon South and Croydon Hills were the fastest movers in the city's private sale market, with homes selling in less than three weeks. 

"Private sales are an important indicator of the strength of the Victorian property market,” he said.

“While Melbourne is known as Australia's auction capital, a majority of property sales in both the city and across the state are private sales." 

Mr Raimondo said the leading private sale suburbs had shown an impressive sales record, given that Melbourne homes have, on average, spent 42 days on market this year. 

Croydon South, one of the most affordable suburbs in the outer east with a median house price of $476,000 topped the list of the 10 fastest selling suburbs, with a median of just 18 days. 

Mr Raimondo said about 66 per cent of all home sales to the end of August were private sales.

Advertisement
Advertisement

That was down from about 72 per cent this time last year, perhaps due to the increasing popularity of auctions in outer suburbs. 

He added that, while auction clearance rates measure the auction market's performance, days on the market measure how long it takes private sale properties to sell.

“Generally, a shorter time on the market reflects a stronger market,” Mr Raimondo said.

 

The top Melbourne suburbs for private sales this year are:

 

Suburbs

Aug-14

Aug-13

Annual Change

CROYDON SOUTH

18

20

-2

CROYDON HILLS

19

22

-3

KILSYTH SOUTH

19

34

-15

RINGWOOD EAST

19

22

-3

ALBION

20

81

-61

KILSYTH

20

32

-12

BAYSWATER NORTH

21

23

-2

RINGWOOD NORTH

21

29

-8

UPWEY

21

21

0

Source: Real Estate Institute of Victoria

 

Private sales surge
HouseKey
lawyersweekly logo

Feeling burnt out? The newest event to hit the industry, REInnovate, is a must-attend for serious real estate professionals facing the pressures of a heavy workload. Get ready to walk away with the undeniable structure for success, efficiency and profitability, and get yourself back on track to focus on what’s really important for your business. Get your early bird ticket now.

Tags:

ABOUT THE AUTHOR


Listen to other installment of the Real Estate Business Podcast
top 10 agents

Alexander Phillips

Top 1

Year of Experience: 21

Support Staff: 3

Residential Property Listings Secured: 241

Total Value of Residential Properties Sold: $ 706,737,500

VIEW COMPLETE REPORT
1/10
Do you have an industry update?

top suburbs

12 month growth
Manyana
70.61%
Tamarama
70.55%
Box Hill
64.95%
Goodwood
64.38%
Bawley Point
63.64%
Lennox Head
62.11%
Casuarina
62.08%
Queenstown
61.31%
Warana
60%
Cooroibah
59.43%
SEE AREA REPORTS ON SMART PROPERTY INVESTMENT WEBSITE
Subscribe to Newsletter

Ensure you never miss an issue of the Real Estate Business Bulletin.
Enter your email to receive the latest real estate advice and tools to help you sell.