The length of time properties in Derrimut, Kings Park, Hillside and Albanvale are on the market has dropped significantly in the year to August 31.
New data from the Real Estate Institute of Victoria (REIV) shows the market in parts of Brimbank is booming, with the average number of days properties are spending on the market dropping in almost every suburb.
Derrimut properties experienced the biggest fall, dropping from 39 days on the market last year to 25. The REIV uses the average length of time properties spend in the ‘for sale’ mode as an indictor of a market’s strength.
Each September, the peak body for real estate professionals in Victoria publishes the data collected in the year to August 31.
YPA Caroline Springs real estate director Nancy Crupi said the data was an accurate reflection of what she had experienced over a year when there weren’t enough properties to cater for demand. “It’s very common to get 15 groups through a house for the first open-for-inspection,” she said. “We’re seeing several offers on the day and the property being sold even before it progresses to the second open-for-inspection.”
In Kings Park, on average, properties spent 12 fewer days on the market in the year to August 31, falling from 32 to 28 days.
The length of time Hillside properties were on the market dropped 23 per cent, from 47 to 36 days, while in Albanvale, houses were on the market for just 25 days in the same annual cycle, compared to 36 in 2014-15.
Ray White St Albans director Shaun Marijanovic said a combination of consistently low interest rates, interest from interstate and overseas buyers and people buying houses for their self-managed super funds had substantially increased property prices in the area.
“People are realising the government is spending a lot of money in Brimbank, building big hospitals and upgrading train lines, so you have a combination of things creating a rising property market,” Mr Marijanovic said.
