Homes selling faster despite restrictions

As regular readers of these posts will know, one of the things that we have been commenting on since the coronavirus first began to impact on everyone’s lives back in March is just how resilient the Melbourne property market has been in the face of social distancing restrictions and increased uncertainty among most consumers.

We saw yet another example of this underlying strength during the week, when the REIV released some interesting figures. Their latest market data confirmed that despite the impact of the Covid-19 lockdown, residential property in Victoria has been selling more quickly in the past few months than it was earlier this year or at the same time last year!

The latest figures include property sales up to the end of June 2020, and that show that Victorian homes were on the market for an average of just 41 days during the June quarter. The comparable time frame at the same time last year was 44 days.

More specifically for property owners in our area, if you remove regional property sales from these figures and look at the metropolitan Melbourne market alone, the average time on market in June was just 39 days. This was down from 40 days in the March quarter, whilst the figure for the June quarter in 2019 was 42 days.

The data provides further positivity for local homeowners when you look further into the numbers. For example, the REIV data indicates that our middle-ring suburbs were the fastest selling zone, averaging 37 days on the market. The inner suburbs took an average of 38 days whilst the average home in the outer ring took 39 days to sell. Importantly, all three zones were selling more quickly than the same time last year.

Figures like these confirm trends that we are noticing at a local level. Indeed, the property sale in Lalor (pictured) that we mentioned in LAST WEEK'S POST was successfully sold within a matter of days of being listed, prior to it even hitting the internet!

When you’re dealing with market conditions like these, one of the best ways to make sure you achieve the best possible result is to have an experienced and dedicated agent by your side every step of the way. So feel free to call on our team at Barry Plant Thomastown if you’d like some assistance. You can call us any time on 9466 3233.

Regards,

Con Constantinou

Barry Plant Thomastown