Victorian homes averaging just 33 days on market

The latest Days on Market data from the Real Estate Institute of Victoria revealed that, in October, the average Victorian home spent just 33 days on the market before being sold.

This is the shortest average selling time in the state since 2009.

Days on Market is calculated “as a rolling monthly average for properties sold by private treaty” – a metric that “reflects the level of buyer interest in the market,” according to REIV.

In September, as the state emerged from lockdown, houses were still taking an average of 71 days to sell. In October of last year, the average days on market across the state was 40 days.

Homes in Metro Melbourne are selling even faster, spending just 25 days on market on average.

In Regional Victoria it now takes a home 43 days to sell, down from 56 days in September 2020 and 55 days in October 2019.

“With homes in Victoria taking less time to sell, optimism is returning to the Victorian Real Estate Market,” REIV President Leah Calnan 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.

“Low days on market data is very encouraging as we are coming out of COVID-19 restrictions.

“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.”

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Nathan Jolly

Nathan Jolly was an in-house journalist with Elite Agent. He worked with the company from July 2020 to December 2020.