As Melbourne’s property market comes out of hibernation post-lockdown, keen buyers are snapping up properties in a flash, with some being sold in as little as 10 days.
Realestate.com.au economist Angus Moore said Melbourne buyers have been forced to act quickly due to a lower supply of properties for sale.
“We haven’t seen a lot of new listings in the past few months, in part because of lockdowns, so the total volume of listings available for buyers is quite low,” Moore said.
“Buyers are having to make pretty quick decisions when they find something they like.”
Moore added that buyer demand, combined with a lack of supply was making market conditions competitive for buyers.
“As restrictions ease, we would expect that to continue, which could mean a really favourable spring selling season for vendors,” he said.
While this demand is welcomed news for sellers, buyers are becoming increasingly stressed – particularly first-home buyers who fear that if they do not secure a home soon, they could be priced out of Melbourne’s market entirely.
Where is the demand?
Realestate.com.au data has revealed the top 10 suburbs with the shortest days on market in the 12 months to September 2021 are all within Melbourne’s outer ring. Cockatoo, located 48km south-east of the Melbourne central business district, recorded a median of 10 days on market – the lowest in the State.
Demand is also strong for Melbourne’s middle and inner-ring suburbs. With a State median of 44 days on market for units, and 30 days for houses, buyers across the State’s capital have no time to rest on their laurels when it comes to purchasing property.
At Millhouse, there is a solution
Millhouse Residence offers an affordable yet luxurious offer for buyers – particularly first home buyers trying to get a foot on the property ladder. As Melbourne’s property market heats up, purchasing a property within Millhouse offers buyers the best that the West has to offer – light-filled, modern, luxurious apartments priced from $398,000 and located just 8km from Melbourne’s CBD.
Located in the buzzing inner suburb of Footscray – which currently has a modest median of 48 days on market for apartments – Millhouse offers buyers an accessible yet premium solution amidst Melbourne’s booming property market. However, once you see what’s on offer at Millhouse, we have no doubt that you’ll act quick to sign on the dotted line and secure your future dream home!
Buying within an off the plan residential community like Millhouse offers additional incentives that established properties can’t, such as potential duty concessions, Government incentives and developer incentives.
Beat the rush of the property market by registering your interest in Millhouse to receive exclusive access to Millhouse’s floorplans and pricing.