last week we told you about the top 10 suburbs where buyers have an advantage. This week we decided to change our focus to the suburbs where houses are selling the fastest. We present to you the list of suburbs in Melbourne with the shortest days on market.
News of the property market ‘cooling’ and rates rising have not deterred buyers in the following list of suburbs. If you’re looking for a home in any of these areas, then beware. Because so is everybody else!
| VIC | Best Suburbs | Days on market | Median House Price | Median Unit Price |
|---|---|---|---|---|
| 1 | MENTONE | 26 | $ 1,336,000 | $ 543,000 |
| 2 | CRAIGIEBURN | 29 | $ 534,000 | $ 375,000 |
| 3 | SEAFORD | 29 | $ 645,000 | $ 380,000 |
| 4 | PORT MELBOURNE | 30 | $ 1,950,000 | $ 577,000 |
| 5 | BORONIA | 30 | $ 780,000 | $ 663,000 |
| 6 | YARRAVILLE | 32 | $ 755,000 | $ 608,000 |
| 7 | ROWVILLE | 33 | $ 886,000 | $ 435,000 |
| 8 | FRANKSTON | 33 | $ 572,000 | $ 350,000 |
| 9 | MULGRAVE | 33 | 826,000 | $396,000 |
| 10 | LILYDALE | 35 | $ 713,000 | $ 570,000 |
| Source: REALas.com June 2018 | ||||
What makes these areas sell so quickly?
Attractive to first time home buyers: We don’t think it’s a coincidence that these suburbs in this list mostly have prices below $600k. Apartments below this number are attractive for first time home buyers as they can receive up to $15,000 in reduced fees.
Attractive to investors: Apart from their perfectly positioned prices, these suburbs have also shown great median growth and high rental demand over the past years. By example, Mentone and Cragieburn – have a 9.8% and 10.2% median growth rate respectively.
As a result of all of this, the suburbs locations offer an excellent choice for investors looking to grow their portfolio or for first home buyers looking to make the leap.
Buyer beware
Suburbs with a low number of days on market are often the ones that get a lot of interest buyers. In this case we have seen many instances where property prices are driven up well above what the price guide says.
If you are looking at a house on this list, take a note of how long it has been on the market. We also suggest you make sure you completely understand your budget and expected expenses.
