Market/Finance News Blog: Melbourne's market strength highlighted by sales growth

By the resi financial blog team, 24 September 2014

Market/Finance News Blog: Melbourne's market strength highlighted by sales growth

The strengthening Melbourne property market reared its head again, with private real estate sales occurring in the Victorian capital's outer suburbs growing even further. This means if you're thinking about taking out a home loan and joining the rush of spring buyers this season, you'll likely be faced with more competition from other buyers in Melbourne. 

Real Estate Institute of Victoria Chief Executive Officer Enzo Raimondo said properties in Croydon Hills and Croydon South were the fastest selling real estate markets in the area, with some homes selling in less than three weeks - an impressive feat, regardless of location. 

"Private sales are an important indicator of the strength of the Victorian property market. While Melbourne is known as Australia's auction capital, the majority of property sales in both the city and across the state are private sales," said Mr Raimondo in a September 20 statement. 

"Generally, a shorter time on the market reflects a stronger market," he added, stating that 66 per cent of all home sales across the state at the end of August were sold through private sales. This was down from 72 per cent last year - indicating the rising popularity of auctions as the preferred sales method for real estate across Victoria as a whole. 

Furthermore, the average amount of time Melbourne properties spent on the market levelled out at 42 days this year. As more people begin to gain confidence in the market, more vendors are listing their real estate across the region - offering a number of opportunities for potential property buyers in Victoria. 

Now could be a great time to get in touch with a financial lender and begin working towards securing your own funding for property in Victoria's vibrant market. 

Categories: Home Loans, Personal Finance