Parkville, Montrose and Essendon notch rapid sales: REIV
Trendy inner-city suburbs and affordable family pockets are being snapped up by buyers battling with a drop in Melbourne’s property stock.
Listings in popular suburbs are flying off the shelves compared to a year ago, according to the Real Estate Institute of Victoria.
More than 10 days was carved off the median time on the market for houses and units in Parkville, Montrose, Essendon and Mordialloc in the past year.
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REIV president Robyn Waters said buyer demand in the recovering market and a shortfall in houses had helped boost the hot spots.
She said Parkville had a massive 17 day drop in median campaign time since June 2018. Neighbouring suburb Travancore was also notching incredibly speedy sales.
“These areas are popular with young people, often workers and students, who prioritise a short commute to the city,” Ms Waters said.
“Two interest rate cuts coupled with a relaxing of lending standards may have led to more intense demand from those buyer groups.”
Houses in the Yarra Ranges also sell notoriously fast, with Montrose recording an 11 day drop to just a 17 day median listing time in the 12 months to June 2019.
Fletchers Yarra Ranges director Glenn Gardiner told the Herald Sun stock was down about 30 per cent in the area and family homes often sold in the first two weeks of a campaign.
“It’s like people have discovered there are extra stops on the railway line,” Mr Gardiner said.
“They can travel the extra stops and get good value and a much nicer lifestyle.”
Price drops in Essendon, where a 10 day fall to 45 days was recorded, had also attracted more buyers to the area, McDonald Upton agent Joe Zucco said.
“Families have certainly upgraded since that change in price,” Mr Zucco said.
“I’ve found in recent times a really big influx of buyers coming from outer suburbs like Greenvale and Taylors Lakes.”
Southbank and Blairgowrie had more than a week cut off expected time on market to a median of 43 and 33 days. West Melbourne (43 days), Ardeer (43) and Hawthorn East (38) were also top performers, with six day cuts to the average campaign.
The in-demand suburbs have bucked the trend, as Melbourne’s overall days on market dragged out nearly an extra week to 42 days in the past year.
But Ms Waters said there were some positive signs in the market, including more buyers at inspections and a strong auction clearance rate consistently about 70 per cent.
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