In a testament to the competitive Melbourne property market, the Real Estate Institute of Victoria reporting that private sales have surged in a number of outer suburbs this year.
The average time Melbourne homes have spent on the market this year is 42 days, according to REIV chief executive Enzo Raimondo, but the fastest movers in the city’s private sale market were selling in less than 21 days.
"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,” he said.
Raimondo said about 66% of all home sales to the end of August were private sales. Croydon South, one of the most affordable suburbs in the outer east with a median house price of $476,000, topped the list of the fastest selling suburbs with a median of just 18 days.