The Real Estate Institute of Victoria’s (REIV) latest Days on Market data shows that properties in Melbourne’s south west are being snapped up in much quicker timeframes than this time last year, signaling intense competition from buyers in the area.

The Real Estate Institute of Victoria’s (REIV) President Richard Simpson said there is a clear trend in the south west.

“Properties in Williams Landing sold 41 days faster this August compared with 2017 while those in neighbouring Seabrook were on the market for 35 fewer days, Point Cook listings sold 19 days quicker and the days on market for Altona narrowed by 16 days,” Mr Simpson said.

Tony Anile from Hockingstuart told WILLIAMS MEDIA properties are still selling but he is finding from his personal experience last year had a quicker turnaround time.

“Vendors in today’s market are still looking to get last years prices and I believe the property market has cooled down somewhat,” said Mr Anile.

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3 Upton Street, Altona for sale by Shawqi Ein of Sweeney, as seen on Luxury List

“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,” said Mr Simpson.

“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 per cent in the 12 months to 30 June 2018 to $706,000 while Williams Landing’s median went up by 10.6 per cent to $685,000.”

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Eric Mancini of Mancini Real Estate said he is finding in his specific segment of the market, this calendar year there is a lot more stock on the market, and not as many buyers, increasing days on market for properties in Melbourne’s south west.

“A couple of weeks ago I sold a unit in Altona which was on the market for 34 days,” Mr Mancini told WILLIAMS MEDIA.

“The sale price was $625,000, where normally it would have sold in two weeks for $675,000.

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Source: REIV

“The market is in transition, it has gone from a vendors market to a buyers market.

“Essentially it means more leverage for the purchaser. It’s the adjustment we needed,” said Mr Mancini.

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According to the REIV, days on market increased four days (from 32 days in August 2017 to 36 days in August 2018) for Metropolitan Melbourne but decreased four days, from 47 to 43, for Regional Victoria.

“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,” Mr Simpson said.

“The South Gippsland town of Lang Lang had the most significant narrowing of days on market between August 2017 and August 2018, shaving off 63 days from 82 to 19.

“Other 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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