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Advice, Residential

How to buy in Melbourne’s fastest selling suburbs

Homes are being snapped up at rapid rates in Melbourne with the city’s average days on market figure shrinking drastically to 25 days in the year to June. Previously, the average days on market for the last year has been 55 days.

If you’re a buyer, better get your skates on – recent Corelogic data shows that houses in Melbourne’s fringe areas are flying off the shelves the fastest, as house hunters seek to secure themselves a new home before Christmas and lock in the current interest rates.

For instance, Diggers Rest, Frankston North and Carrum Downs are among the quickest selling markets, with Diggers Rest properties spending just seven days on market on average. The north-west suburb has also seen the median house price sky rocket by 29% in the past 12 months to $355,250.

If you’re looking to buy in Melbourne’s outer suburbs, be prepared to bid at auction – when days on market drop, we typically see auction volumes rise.

Additionally, if you want to throw your hat in the ring for a property there are steps you need to take before auction day. This includes having your finance pre-approved, a solicitor check the contract and undertaking any pre-purchase due diligence.

Likewise, if you’re preparing to sell your home, speak with your local hockingstuart agent who can advise you on the best sale method – auction vs private sale – taking into account your location and property type.

Advice, Residential