According to new figures from PropTrack, a cluster of Melbourne’s outer Eastern suburbs contains some of the region’s fastest-selling properties. Houses in Lilydale, Bayswater North, Mooroolbark, Mount Evelyn and Woori Yallock spent between 17 and 22 days on the market (on average) before getting snapped up by a buyer.
Other areas also among Melbourne’s fastest-selling are Doreen, Gladstone Park, Belgrave and Carrum Downs, according to the report.
“We are seeing homes in more affordable areas sell a bit quicker,” PropTrack economist Angus Moore tells realestate.com.au
“And we’re also seeing that prices have held up a bit better typically than in more expensive parts of the city.
“That’s consistent with the fact that interest rates have risen very quickly, which has made affordability a lot tougher for a lot of buyers. And so they’re looking in more affordable areas.”
Proptrack also found other areas where ‘days on market’ have decreased over the past 12 months, including Lancefield, the Macedon Ranges, Eastern Kew, Cheltenham, Glen Waverley and Keilor East - where properties were being sold between 7 and 27 days faster than expected.
“Across Melbourne in the past year it’s taken about 40 days typically to sell a home and about 45 days regionally,” Moore continues.
“But what we are seeing today is homes are still selling quicker than they were pre-pandemic. We might start to expect buyers to be a bit more competitive and stock might start moving a bit quicker than it has been.”
According to Moore, Melbourne home values stablising and rising in recent months could mean more suburbs seeing property markets moving faster.