First-home buyer hot spots, large family-friendly blocks and tight supply are driving swift sales in several outer-east suburbs.
In May, a typical property in Victoria sold in 28 days, but in places like The Patch, Upper Ferntree Gully and Coldstream, it took just 11 or 12 days, according to realestate.com.au statistics.
The lack of properties for sale because residents seldom move out and the newfound attraction of tree change locations have added to the demand for areas such as Upper Ferntree Gully.
The foothills suburb has just nine properties for sale and one for rent as at June 14 on realestate.com.au.
Properties here are among the fastest-selling in Victoria, with the median days on market down from 30 to 12 over the past year.
Upper Ferntree Gully offers a sought-after community atmosphere, access to two train stations, and is a short drive to the Dandenongs.
Since the start of 2021, the market rebound has been strong, and autumn saw pent-up demand and limited supply. In contrast, the median days on market in May last year was 62 days from the impact of Covid-19.
In May this year, the market continued to show strength with demand outpacing supply, realestate.com.au economist Anne Flaherty said.
Barry Plant agents reported strong demand led to many buyers making offers prior to auction to secure homes and many properties selling within days of listing.
Suburbs such as Coldstream, Mt Evelyn, Croydon South and Upwey were also popular among buyers and recorded days on market of 14 days or less in May.
Coldstream is a very tightly held suburb in the Yarra Ranges and recently had just one property listed for sale and another for rent.
There were just 29 house sales in Coldstream last year with a median price of $646,000, according to realestate.com.au.
“The homes there are more affordable and buyers can get larger blocks at a reasonable price,” Ms Savio added.
Nearby Croydon South has growing appeal among families because its larger blocks gave buyers “more bang for their buck”.
“The demand here is strong from second-home buyers and upsizers seeking more space for their families, and there are not a lot of properties for sale,” Ms Savio noted.
“We are getting 80-100 people through at inspections for a property and there is more demand than supply and homes here can sell after two to three open for inspections.”
Ms Savio said she had sold about 20 properties in Croydon South this year, including three at auction.
A recent sale was 23 Manifold Court, Croydon South, which fetched $835,000, well above what the seller had hoped for.
The suburb is deemed an area with high buyer demand and had only six sale and three rental listings on June 14.
Further east, Mt Evelyn is another high demand area but has slightly more listings, with 13 properties for sale but none available for rent.
Barry Plant Croydon had 30 offers from buyers for 18 Hordern Road, Mt Evelyn, and it sold for $706,500, well above its anticipated price.
“Mt Evelyn is popular with first-home buyers and has good access and a few more homes for sale,” Ms Savio said.