Properties in the Mornington Peninsula are among the fastest selling in Victoria as low stock levels force the sale time to new lows.
An average of 19 days on the market for the region was recorded for the December quarter, according to CoreLogic data.
In March 2020, the number of days on the market was 27, which increased to 41 in June and dropped to 39 in September.
Off-market sales were also rising, according to Barry Plant Rosebud director Craig Leo.
“We are seeing a lot more properties sell prior to listing online, and they are selling within a week,” he said.
“Online listed properties are selling with ease, within just two weeks and are selling well in excess of the asking price.”
Mr Leo said there is a mixed bag of buyers from investors to holiday house hunters and first- home buyers.
“Investors and others are swooping on holiday lets as people can’t travel interstate or overseas with confidence,” he said.
“The most recent buyers are those relocating because they can work from home and enjoy that lifestyle without the daily travel to Melbourne,” he said.
The Rosebud office is seeing 20-30 groups at each open house with at least four to five offers per campaign.
A three-bedroom, single-level dwelling at 48 Cootamundra Ave, Capel Sound, had 59 groups through its first open house.
The beachside pad will go under the hammer on Saturday, February 20, with a $500,000-$550,000 price guide.
“The perception is that stock is tight ... however there are still plenty of listings, they are just selling too quickly,” Mr Leo said.
The basic economics of supply and demand are driving faster than usual sales on the Mornington Peninsula, according to Barry Plant Frankston director Thomas Larkin.
“Fear of loss, sense of urgency and a lack of stock will always make prices go up,” he said.
“It’s the same with everything and it all comes down to human behaviour.”
Mr Larkin said people are becoming frustrated at auctions and are tired of missing out on properties.
“It only takes missing out on two to three properties before people pay what they have to, to stop losing,” he said.
“Buyers will pay above the asking price if it means they don’t have to compete with other buyers.”
A Frankston South townhouse was scheduled for auction before the vendors agreed to an offer $70,000 above the reserve.
The 2/7 McComb Blvd property sold for $950,000 after just more than a week on the market.