Langwarrin: Houses and units among fastest selling in region
It took twice as long to sell in Langwarrin during the downturn, but a changing market has seen the return of quick sales.
Langwarrin houses went from a median days on market of 14 to 28 between May 2018 and this May, CoreLogic data shows.
But houses in the popular suburb are among the fastest-selling in the Frankston region, with Sandhurst and Frankston North houses taking 48 and 58 days respectively to sell in the year to May. Skye houses have a median days on market of 27.
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Langwarrin units, with a median of 30 days, are the quickest-selling in the region.
The turnaround is due to Langwarrin homes having steady price growth compared to the sudden price gains of nearby suburbs when the market was strong, Ash Marton agent Daniel Robinson said.
During the recent downturn, buyers were apprehensive but, since the federal election, the suburb had seen an immediate change in buyer confidence, he said.
“The market has come back with a resurgence and strength and my listings have an average of 16 days on the market now,” Mr Robinson added.
He added the low supply and steady demand were leading to quicker sales.
“There has also been a change in the buyer profile, with newcomers and investors coming to the area,” he said.
“This has created competition and a fear of missing out among buyers.”
Though buyer demand is centred mainly on houses priced close the suburb median of $615,000, more well-off buyers have been snapping up more expensive lifestyle acreage properties.
At 4 Karen Close, which was listed for just 11 days with price hopes of $1.12-$1.22 million, multiple offers were received and Ash Marton negotiated a $1.23 million sale.
At a lower price point, 115 Centre Rd sold after just seven days with a $575,000-$605,000 price guide. It too had several buyers to fetch $611,000.
And the vendor for 72 Turner Rd had seven offers within a week and sold above the top of the price range for $605,000.
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