Units selling faster than houses!
An apartment in Knoxfield stays on the market for an average of just 22 days, according to the latest figures from RP Data; Blackburn South apartments sell in an average of 26 days.
The only markets for houses that made the list of the 10 fastest sellers for the year to last October were Kingsbury (29 days), Flemington (30), and Bayswater (34).
The average time on the market for all property is 83 to 85 days. Australian Bureau of Statistic figures indicate more units than houses are being approved for construction. Speaking at an Australian Property Institute forum on Friday, Residential property expert Sam Nathan estimated up to 12,000 apartments would be built in Melbourne this year.
But they're shrinking -- the average studio apartment is now 38sqm, with one-bedroom apartments averaging 50sqm, according to a Colliers International report.