The latest REIV Days on Market (DOM) figures show Metro Melbourne vendors had their properties on the market for a median period of 34 days before a private treaty sale in August. That’s the lowest DOM figure in more than a year, and well down from a high of 50 days in February.
In Inner Melbourne in August, homes spent a median period of 41 days on the market, down from an annual peak of 52 in May. Middle Melbourne home vendors waited a median period of 38 days before a sale in August, well below a peak of 63 days in February, while Outer Melbourne vendors waited only 35 days for a sale, compared to a high of 50 recorded in February.
REIV Chief Executive Officer Gil King said the figures demonstrated again that demand for Melbourne property was outstripping supply.
“We have now had 12 consecutive weeks of auction clearance rates of more than 70%, with the past five weeks above 75%,” he said. “These clearance rates are well above what we saw in the corresponding three months last year, but volumes of available houses are well down.” “Anecdotally there is perhaps some reticence from vendors following the correction.”