The Melbourne property market is on fire, fuelled by pent-up demand after a number of months of lockdown, at a time when interest rates are at historical lows.
Established home buyers are out looking to upgrade, first home buyers are looking to get into the market and investors are slowly returning to the housing market.
Recently Domain reported the Melbourne suburbs where properties are selling the fastest.
It’s not surprising that it’s the lower end of the market that has seen the most dramatic reduction in the time required to sell a property, with more first home buyers taking advantage of the various incentives available including stamp duty discounts.
Now just to make things clear…
I’m not suggesting that these are the locations where you should be looking to buy an investment property, but I find the following tables of Days on Market a useful insight into the mood of our property markets which are currently being fuelled by FOMO (fear of missing out.)
Change in days on market for houses
It does not include data on auction campaigns.
Change in days on market for units
Just like with houses, Domain reports that there are some regions where units are selling quicker (days on market are falling), and other locations where it is taking longer for units to sell.
Now is the time to take action and set yourself up for the opportunities that will present themselves in property this year.
Sure the markets are moving on, but not all properties are going to increase in value. Now, more than ever, correct property selection will be critical.
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