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Outer east leads Victoria for fastest-selling houses

Home buyers
17 February 2021
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Pent-up demand after 2020 lockdown favours sellers in tight market

Houses in Melbourne’s outer east are among the quickest to sell in the country.

At just 19 days on the market, houses in this region and the Mornington Peninsula are second behind Perth with an average of 18 days, new data showed.

The figures from CoreLogic, for the December quarter of 2020, revealed the market has rebounded from the impact of COVID-19.

In the March 2020 quarter, houses in the outer east were the fastest-selling nationwide with days on market at 19, rising to 28 days for the June and September quarters.

“After a long lockdown, we saw pent-up demand from buyers and now there are an average four offers per property,” Barry Plant Rowville managing director, Brenton Wilson, said.

“The three buyers who miss out will then go on to make offers on other properties.”

Mr Wilson said all suburbs in the Knox region have seen quick sales, particularly Rowville, Wantirna South and Wantirna that are experiencing high demand.

Many properties are also selling faster than the 19 days’ average, with 46 Quail Way, Rowville, flying off the shelf in just nine days for $1.02 million in early February.

The property had 16 offers and sold well above the $860,000-$935,000 price guide.

The four-bedroom house at 2 Suzana Place, Rowville,  was also snatched up in nine days, with 12 offers and a $1.134 million result.

The market rebound that began from the last quarter of 2020 has continued into the new year, according to Mr Wilson.

“There is a sharp reduction of 20 per cent of stocks from the same time last year,” he said.”

“All properties, from $400,000-$500,000 units and townhouses to the $1.6 million prestige homes, are selling.”

Changing work patterns and the lockdown experience have also impacted the popularity of homes in the outer east, according to Barry Plant Wantirna director, Brett Smith.

“With COVID and working from home, people are looking further out for homes where they have more space, larger properties and affordable price tags,” Mr Smith said.

“There is strong demand for homes within a 30km radius of the city.”

Reducing auction campaigns from 28 to 21 days have seen faster sales for Barry Plant Wantirna.

“This is because of the strong demand and uncertainty, 90 per cent of buyers come through the first two weeks of an auction campaign anyway,” Mr Smith said.

He added that fast sales were not just for popular suburbs such as Wantirna South and Wantirna but also surrounding areas of Bayswater and Boronia. 

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Home buyers
17 February 2021
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