Melbourne's south west properties selling like hotcakes

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Melbourne's market, particularly its south west, is alive and kicking as properties up for grabs in the area are being snatched in a much faster rate than last year, according to Real Estate Institute of Victoria’s (REIV) latest Days on Market data.

REIV President Richard Simpson said that the quickly selling properties are a clear trend in the south west, suggesting intense competition in the area.

“Melbourne’s south west is becoming increasingly popular with buyers, especially young families, who are attracted by access to public transport, proximity to the CBD, plenty of green open space, shopping centres and community facilities,” Simpson explained.

The report noted that properties in Williams Landing were sold 41 days faster in August this year compared to 2017, while those in Seabrook were listed for 35 fewer days. The suburb of Point Cook, meanwhile, saw listings being sold 19 days faster. Finally, the days on market for Altona were cut by 16 days.

“The median house price for Point Cook and Williams Landing are both below the $840,000 median house price for Metropolitan Melbourne and below the $750,000 cut off for first homebuyer incentives. The median in Point Cook increased 13.4% in the 12 months to 30 June 2018 to $706,000 while Williams Landing’s median went up by 10.6% to $685,000.”

Meanwhile, days on market increased four days (from 32 days in August 2017 to 36 days in August 2018) for Metropolitan Melbourne. Nonetheless, this slowdown was counterbalanced by Regional Victoria whose properties were on the market from 47 to 43, down by 4 days.

“Private property listings do not last long in the Yarra Valley with the REIV’s Days on Market
data showing that homes are snapped up within 10 days in Millgrove, 13 days in Upwey, 14
days in Woori Yallock, 15 days in Yarra Junction and Launching Place and 17 days in
Warburton,” Simpson revealed.

The South Gippsland town of Lang Lang stood out, after seeing the most decrease in days on market between August 2017 and August 2018.  The region’s days on the market were slashed by 63 days (from 82 to 19).

Also included in the list of strong performers were Skye, Narre Warren South, Doreen, Cranbourne East and Cranbourne West where properties lasted just 20 days on market.

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