Property days on market plunge

By Luke Voogt

Barwon Heads properties spent an average of just 25 days on the market in the year to May 2021, less than half of 62 the previous year.

The town was one of five localities on the Bellarine Peninsula where properties were being snapped up in about half the time of the previous year, according to Real Estate Institute of Victoria (REIV).

St Leonards recorded the largest change of the five – and the second largest in regional Victoria – with an average of 44 days on the market, compared to 128 the year before.

This equates to St Leonards properties spending about a third of the time listed on the market compared to the previous year.

Properties in Leopold spent an average of 37 days on the market, just over half the 71-day average the previous year.

Ocean Grove and Clifton Springs properties spent on average 42 and 45 days on the market, about 58 per cent for both of 72 and 77 respectively the previous year.

“Regional Victoria is experiencing the shortest days on market since 2010,” REIV chief executive Gil King said.

“Regional suburbs have been on a red-hot run for six consecutive months – following the protracted 2020 lockdown – recording an average of under 40 days on the market, with a median of 35 days in May 2021.

“Meanwhile, properties in outer Melbourne sold in an average of 22 days, or 10 days below the median for metropolitan Melbourne.”

The data indicated that more Victorians were moving to outer Melbourne and regional areas beyond, Mr King said.

“Five towns recorded substantial decreases in days on market, slashing at least 60 days from May 2020 figures.

“The coastal tourist town of Loch Sport, in central Gippsland, cut back by more than 100 days and another 21 towns have reduced days on market by at least 30 days.”

REIV president Leah Calnan earlier this year told the Independent Melbourne lockdowns, changes in working arrangements and savings from cancelled travel plans, all due to COVID-19, had driven an influx of Melburnians to Geelong and regional Victoria.