Tightly held lifestyle areas in Melbourne’s outer-east are attracting hordes of buyers with houses selling within two weeks of listing.
The state’s fastest-selling houses are in suburbs in the sprawling Yarra Ranges shire such as Wandin North, Seville, Mt Evelyn, Lilydale, Millgrove and Upper Ferntree Gully, according to Proptrack data for the year to April.
“These suburbs have very low numbers of properties for sale and buyers are looking for lifestyle properties which mean very short days on market.” Barry Plant Lilydale director Ashley Hutson said.
“Demand is coming from out-of-area buyers, newcomers and also those who have grown up locally and want to be near family.”
Millgrove houses have median days on the market of just 10, while it is 12 days for Seville and Wandin North. Lilydale and Mt Evelyn houses have a median of 14 days.
All these suburbs also have median prices of between $617,500 and $856,500 making them attractive to young families, first-home buyers and also downsizers.
In Lilydale and surrounding areas such as Chirnside Park and Mooroolbark, most sellers are getting between three and six offers each and as many as 50 groups at inspections in 10-day campaigns, Mr Hutson said.
“Homes that are priced correctly and presented well are selling within two weeks,” he added.
“The market will remain strong because there aren’t many homes for sale, and it is still very positive.”
Family homes on allotments of 700-1000sq m are the “most popular and sell best”, Mr Hutson noted.
Many homes are owned by long-term residents while newcomers include people downsizing from larger properties and seeking smaller lifestyle blocks.
The area was a gateway to the Yarra Valley and was “Victoria’s golfing capital” with several beautiful golf courses, according to Mr Hutson.
“Lilydale has a new train station and families also have access to good public and private schools,” he said.
Recent quick sales in Lilydale included 18 Baystone Place and 35 David Road, with both properties listed with $800,000-$850,000 price hopes. Many of the agency’s listings have come under offer soon after hitting the market.
Listed with a $1.95-$2.1 million price guide, one of the suburb’s best lifestyle offerings, at 20 Marven Court, recently fetched a strong price.
The resort-style property on nearly 4000sq m with a pool had multiple offers and was sold to a young local family.
Other suburbs that made the Top 10 list of fastest-selling houses included Upwey and Yarra Glen plus Doreen in the city’s north and Carrum Downs in the southeast.
The Proptrack report showed that the median days on market for a house listed on realestate.com.au fell from 51 to 37 days in the year to April.
During the pandemic, properties generally sold faster due to low stock levels and greater demand from buyers, PropTrack director of economic research Cameron Kusher said.