Properties in Victoria are being snapped up after spending an average of just 33 days on the market – the lowest figure since 2009.
Data collected by the Real Estate Institute of Victoria (REIV) shows that buyer interest is on the rise as the state looks to bounce back from the effects of the COVID restrictions in recent months.
The data was calculated on a rolling monthly average for properties sold by private treaty, with last month’s figure almost half of September’s average time homes spent on the market with 71 days.
REIV President, Leah Calnan, said that the speed in which homes were being secured was a testament to the market as confidence in the market has come rushing back.
“With homes in Victoria taking less time to sell, optimism is returning to the Victorian Real Estate Market,” she 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.REIV President – Leah Calnan
Unsurprisingly, homes in metropolitan Melbourne have been spending less time on the market than homes in regional Victoria, with an average of 25 days recorded in the city compared with 43 days in regional areas.
The REIV president went on to say that the data bodes well moving forward, and that the strength of Victoria’s real estate market has never been in doubt.
“Low days on market data is very encouraging as we are coming out of COVID-19 restrictions,” she said.
“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,” said Ms Calnan