Buyers can’t wait to get a slice of Melbourne Real Estate

REIV President Leah Calnan says that sellers are waiting less for their homes to sell.

New figures from Real Estate Institute of Victoria have revealed the average Melbourne house spends just 34 days on the market before being sold, down from 38 days this time last year.

Montrose and Strathmore have the shortest waiting periods across Melbourne, with the average property spending a mere 17 days on the market.

Black Rock has seen the biggest reduction in days on the market over the past 12 months, with the average home now spending 40 days on the market, down from 56 in October 2018.

Melbourne’s North-West remains popular with three suburbs from Moonee Valley (Travancore, Avondale Heights, and Airport West) being in the top 10 suburbs that have seen the highest annual decrease on their days on the market.

President of the REIV Leah Calnan said real estate in Melbourne is highly sought after.

“Melbourne’s real estate sector is buzzing, there is increasing competition for purchases and people are getting shorter turnaround times.” Ms Calnan said.

“Our members are telling us that they are being flooded by new enquiries from people looking to purchase a house in Melbourne. Less time on the market means we have a lot of hungry buyers who can’t wait to purchase a home.” Read More...