Viewbank has been crowned Melbourne’s speediest property market, with houses typically flying off the shelves in less than three weeks.
Houses sold in a median of 17 days over the past year in the popular suburb, which agents say is being buoyed by leafy streets and top schools.
Realestate.com.au data shows North Warrandyte and Seddon houses were also snapped up at rapid rates, notching sales at a median of 18.5 and 19.5 days respectively.
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8 Robern Parade, Viewbank is for sale.
11 Castle Road, North Warrandyte was snapped up earlier in July.
Properties in Melbourne’s northeast dominated the list of the city’s fastest-selling suburbs, with speedy deals also recorded in Watsonia, Heidelberg and Heidelberg Heights.
Jellis Craig Eltham director Aaron Yeats credited Viewbank’s quick transactions to the area’s top-quality schools.
“Viewbank College is particularly very sought after, and even the local primary school is highly regarded,” Mr Yeats said.
“It definitely is selling a little faster than the suburbs surrounding and I think the reason is the suburb and the school zone are quite tight. So when properties do come up, people are keen to buy when they can.”
Agents say the areas are increasingly popular for families.
Realestate.com.au chief economist Nerida Conisbee agreed, noting the fast-selling suburbs pointed towards strong interest in family homes.
“Particularly with the suburbs in the northeast – they are all areas that are leafy and have great access to public transport, but also offer great affordability,” Ms Conisbee said.
Viewbank houses have a $980,000 median sale price, according to realestate.com.au data.
While she expected Victoria’s stage four real estate restrictions to extend the time properties spent on the market, she said it wasn’t curbing buyer interest.
“The issue isn’t demand, because we can see people are still looking at houses,” she said. “It’s just increasingly difficult to make that transaction at the moment.”
Realestate.com.au chief economist Nerida Conisbee.
For units, Sunbury scored the fastest sales of the past year in a median of 22 days, followed by Clifton Hill and Elwood at 27 days.
Blackbird and Wren Real Estate director Ben Roberts said demand had been strong for several years for Sunbury units, which were attracting first-home buyers and those looking to downsize.
5/54 Darbyshire Street, Sunbury sold in June this year.
“It’s not unheard of for a well-placed unit in Sunbury to sell after just a few days or a week on the market,” Mr Roberts said.
He said the market might see an upswing in fast-paced sales after lockdown, as budding first-home buyers who had been forced to put their purchasing plans on hold flooded back into the market.
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HOUSES
(Suburb, median number of days on market)
1. Viewbank, 17
2. North Warrandyte, 18.5
3. Seddon, 19.5
4. Watsonia, 19.5
5. Dingley Village, 21
6. Murrumbeena, 22
7. Heidelberg, 23
8. Woori Yallock, 23
9. Bayswater, 24.5
10. Heidelberg Heights, 24.5
UNITS
(Suburb, median number of days on market)
1. Sunbury, 22
2. Clifton Hill, 27
3. Elwood, 27
4. Balaclava, 27.5
5. Balwyn North, 29
6. Bayswater North, 29
7. Bentleigh, 29.5
8. East Melbourne, 30
9. Ferntree Gully, 30
10. Kew, 30
Source: realestate.com.au
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