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Here’s where properties are selling the fastest in Melbourne - featured image

Here’s where properties are selling the fastest in Melbourne

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. Propertyupdate Victorian Property Melbourne

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

This data compares the days on market (how long it takes to sell a property)between January 2020 and January 2021 for private treaty sales only.

It does not include data on auction campaigns.

Region January 2020 January 2021 Percentage rise/fall
Darebin – South 124 46 -62.90%
Brunswick – Coburg 72 46 -36.10%
Sunbury 53 49 -7.50%
Knox 54 51 -5.60%
Banyule 72 55 -23.60%
Maroondah 50 55 10.00%
Frankston 58 56 -3.40%
Yarra 65 57 -12.30%
Nillumbik – Kinglake 60 58 -3.30%
Yarra Ranges 52 59 13.50%
Whitehorse – East 48 60 25.00%
Stonnington – East 37 60 62.20%
Glen Eira 52 61 17.30%
Melbourne City 55 63 14.50%
Geelong 62 64 3.20%
Source: Domain

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.

Region  January 2020  January 2021 Percentage rise/ fall
Darebin – South 110 55 -50.00%
Maroondah 51 63 23.50%
Glen Eira 80 64 -20.00%
Port Phillip 100 67 -33.00%
Bayside 105 68 -35.20%
Stonnington – East 76 71 -6.60%
Casey – North 77 74 -3.90%
Knox 65 74 13.80%
Hobsons Bay 100 75 -25.00%
Geelong 61 77 26.20%
Whitehorse – East 48 77 60.40%
Boroondara 98 79 -19.40%
Ballarat 52 79 51.90%
Brimbank 103 85 -17.50%
Kingston 80 88 10.00%
Source: Domain

Now is the time to take action and set yourself up for the opportunities that will present themselves in property this year.

Metrople Team

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About Kate Forbes is the National Director of Property Strategy at Metropole. She has 22 years of investment experience in financial markets on two continents, is qualified in multiple disciplines, and is also a Chartered Financial Analyst (CFA).
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