VICTORIAN PROPERTY BUCKS COVID-19 EXPECTATIONS
Article from: The Economy june30, 2020
REIV CEO Gil King is optimistic regarding the real estate industry in Victoria despite the COVID restrictions.
As Victoria struggles to control the ever-increasing outbreaks of COVID-19 within its borders, the Real Estate Institute of Victoria believes there is much in the real estate industry to be positive about.
Figures are showing that despite the challenges presented by the pandemic, residential property in Victoria is selling quicker now than it was 12 months ago.
At a Glance:
The average Victorian home is spending just 41 days on the market before being sold, down from 44 days last year
Homes in Metropolitan Melbourne sold within 39 days on average, improving on 42 days in June 2019
Lake Gardens in Ballarat as the fastest place to sell a home in Regional Victoria, taking only 24 days from listing
The latest data (June 2020) from the REIV has revealed the average Victorian home is spending just 41 days on the market before being sold, down from 44 days in the same period last year.
"Days on market data for properties sold by private treaty gives an insight into the current buyer demand," said REIV CEO, Gil King. "There remains a considerable interest from buyers despite the State undergoing restrictions due to the pandemic.
"The REIV days on market figures, amongst a range of other measures, show that our State’s property market is holding strong and delivering great results across the board. "Homes in Metropolitan Melbourne are being sold within 39 days on average, improving on the 42 days it took in June 2019."
Mr King cited Lake Gardens in Ballarat as the fastest place to sell a home in Regional Victoria, taking only 24 days from listing, down from 25 days last year. "Winter Valley and Wangaratta are the second and third fastest localities to sell a property in Regional Victoria taking just 25 and 26 days respectively," said Mr King.
"These figures provide great confidence to sellers that buyers are rapidly snapping up Victorian real estate. "This is a great time to sell your property, a relatively lower volume of property listings is producing good prices and driving down the selling time.
Gil King – CEO REIV