The Victorian real estate market is starting to shine post COVID-19

SELLING FAST: The average Victorian home is spending just 33 days on the market according to the latest figures from the Real Estate Institute of Victoria. Photo - Shutterstock.
SELLING FAST: The average Victorian home is spending just 33 days on the market according to the latest figures from the Real Estate Institute of Victoria. Photo - Shutterstock.

Homes in Victoria are being snapped up according to the latest figures and, after the recent announcement on stamp duty reductions, the property market is not expected to slow down.

"Since the easing of real estate restrictions in metro Melbourne, we have seen a massive spike in properties being listed on our site: properties across all price points and with a large geographic spread," said Toby Balazs, CEO of realestateview.com.au. "There has been a corresponding surge in buyer demand in the Victorian market as well, which has led to strong competition for property, and therefore strong prices being achieved.

"The feedback we are consistently receiving from our agency partners is that they need more quality stock to satisfy buyer demand.

"The Victorian government's budget announcement today (November 24) that stamp duty costs will be reduced by 50 per cent on newly constructed and off-the-plan homes up to $1M, and a 25 per cent discount on existing homes up to the same value, will provide important further support to the property market into 2021. We trust there will be strong market activity right up to the end of the year, and 2021 will also start positively," said Toby.

We trust there will be strong market activity right up to the end of the year, and 2021 will also start positively.

Toby Balazs, realestateview.com.au

Strong market activity was also reflected in October's Days on Market data report from the Real Estate Institute of Victoria.

Figures revealed that the average Victorian home is spending just 33 days on the market before being sold, the lowest recorded since 2009.

REIV President Leah Calnan says that the Victorian real estate market is starting to shine post-COVID-19 restrictions with homes across the state taking less time to sell.

Calculated as a rolling monthly average for properties sold by private treaty, days on market data is a metric that reflects the level of buyer interest in the market.

The October results show a market picking up strongly after recording a sluggish 71 days on the market in September, coming back stronger even when compared to the 40 days it took to sell in October 2019.

Homes in metropolitan Melbourne are purchased within just 25 days on average, much quicker than the 74 days it took to sell in September 2020, and even less than the 34 days it took this time last year.

In Regional Victoria, it now takes a home 43 days to sell, down from 56 days in September 2020 and 55 days in October 2019.

Montrose in Melbourne's East is the fastest area in the state to sell a house with homes being sold in just 14 days, down from 17 days last year.

Eastwood near Bairnsdale is the quickest place to sell a home in regional Victoria, taking only 23 days from listing, down from 64 days last year.

REIV President Leah Calnan said Victorian real estate agents are enthusiastically servicing buyers returning to the market.

"With homes in Victoria taking less time to sell, optimism is returning to the Victorian real estate market." Ms Calnan said.

"Days on the market is a strong indicator of buyers' desire. Competition between buyers is heating up, and people aren't waiting to purchase the property they want."

"Low days on market data is very encouraging as we are coming out of COVID-19 restrictions."

This story Optimism returns to Victoria first appeared on Port Macquarie News.