Homes are flying off the shelves in Doreen, recently named among 10 top Melbourne suburbs with the shortest days on market for house sales.
Along with Belgrave, Upper Ferntree Gully, Carrum Downs and Yarra Glen, Doreen’s houses are selling in a median of 13 days, new PropTrack data reveals.
Millgrove, 63km east of the CBD, leads the way with homes being snapped up in a median of 10 days.
On average, houses in Doreen are changing hands within a fortnight of hitting the market, according to Barry Plant Doreen director John Heath.
“The market is active here, with strong numbers at house inspections and multiple bidders at auctions,” he said.
“Most buyers come from neighbouring areas like Greensborough, Eltham, Mill Park and South Morang.”
Located 32km north-east of the CBD, Doreen has a median house price of $726,500, according to realestate.com.au.
Homes are highly sought after by first-home buyers and investors targeting lower-priced properties.
The suburb is also a magnet for families, empty nesters and retirees drawn to the area’s established infrastructure and relaxed lifestyle.
“They can get younger homes on bigger blocks, or smaller properties which are relatively new and easier to manage,” Mr Heath said.
“They love the leafy estates with quiet streets, parks, lakes and flat walking tracks.”
Apart from an abundance of recreational areas, Doreen offers established shops, supermarkets, cafes, good schools and bus services. There is easy access to train stations and freeways to the city.
Near Laurimar town centre, a modern four-bedroom house on 819sq m at 27 Corriedale Drive lasted only two weeks on the market before it was snapped up before auction.
“We received four offers on the property from buyers in Yarrambat, Mernda, Doreen and Preston,” Mr Heath said.
A family with teenagers paid above the $950,000-$1,000,030 price guide for the house, which features multiple living and entertainment areas.
Near Yarrambat Park and Plenty Valley Christian College, a three-bedroom house on 512sq m at 30 Landing Avenue, sold in less than a week for $852,000, well above the seller’s expectations.
“This home attracted three offers and was sold to a young family,” Mr Heath said.
The low-maintenance property with multiple extras is an easy walk to Riverstone shops, Ashley Park Primary School and Yarrambat Park.
Barry Plant Doreen has been established for more than 10 years, according to Mr Heath.
“We offer unique marketing proposals and cater to the strong rental market with 430 properties on our rent roll,” he said.
Properties are changing hands faster than a year ago in many suburbs across Melbourne, particularly in the more affordable areas, according to PropTrack director of economic research Cameron Kusher.
"Typically people aspire to live in more expensive suburbs but the reality is, particularly in a market where prices have been rising rapidly, that they can't afford them and have to choose somewhere with a lower price point," he said.
“Outer suburbs have been extremely popular over recent years. Of course, these areas are more affordable but have a great lifestyle offering that people are looking for."