The high demand for houses in Victoria and its capital, Melbourne, is helping sellers to dispose of their properties sooner than expected, according to the Real Estate Institute of Victoria (REIV).
Data for the month of January shows that an average house in Melbourne only took 34 days to sell, compared to 42 days recorded last year.
The exterior of Melbourne is the best-selling area of ??Greater Melbourne, with houses in the region taking on average only 33 days to sell.
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Overall, Warranwood and Montrose, in eastern Melbourne, have the shortest market day numbers across the state with 15 and 16 days, respectively.
"Melbourne's real estate sector is in great shape, and eager buyers are looking forward to entering a new home. Demand is high and local agents are inundated with demands as soon as they put in selling a new house, "REIV President Leah Calnan.
The graph below shows the sales time changes in the 10 main suburbs of the metropolis of Melbourne:
The sales time on the regional Victoria remained stable at 55 days. Brown Hill and Winter Valley in Ballarat had the shortest waiting time in the region with 22 days.
"This is the perfect time to sell your property, with high demand that speeds up the sales process. Record interest rates and easier loan terms allow for more interest. buyers to get started in real estate, "said Calnan.
Below is a graph showing the changes in sales times in the top 10 regional suburbs:
Among the metropolitan suburbs, Travancore recorded the largest reduction in wait time for the year, with an average suburban home spending only 42 days on the market, compared to 65 days.
Croydown South came in second, seeing its number of days on the market go from 39 to 20 days in January.
The biggest drop in market days across the state was recorded by Cohuna in the Victoria region. During the year, the waiting time in the suburbs went from 228 to 98 days.
Top suburbs:
mt gravatt
,
Penrith
,
Harris Park
,
Artarmon
,
ferntree gully
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