Days on market fall in regional Victoria
Author: Enzo Raimondo
Date: 17 Sep 15
There are a number of market indicators which chart the statewide, and local, performance of the property 
sector. This includes the average length of time that homes in each town or city take to sell, known as median days on market.
The latest REIV data shows a number of regional towns across Victoria recorded significant falls in the median days on market over the year, reflecting the strength of the property market in these areas.
One of regional Victoria’s strongest performers was in the Geelong and surf coast region of the state, with homes in the coastal town of Jan Juc selling faster in July than the same period last year, with the median number of days on market falling 20 days to 32.5.
The outer Geelong suburb of Waurn Ponds – which has seen recent price gains – was another strong performer with the number of days on market also down 20 days over the year to a median of just 25 in July – one of the lowest statewide.
Substantial declines in days on market were also recorded north of Melbourne in the Goulburn Valley region. Homes in Yarrawonga, Echuca, Benalla, Mooroopna, Kialla, Kyabram and Nagambie all sold faster when compared with last year’s figures.
The median number of days on market for homes in Yarrawonga fell 53 days over the year to 80 while homes in Mooroopna also sold faster, decreasing 43 days to 70.
Homes in Kialla had a median of 68.5 days on market - 30 days less than the same period last year –while Nagambie’s median days on market dropped 34 days to 84.
The number of days for a home to sell in Kyabram fell 17 days; homes in Benalla sold 16 days faster than the same time last year and Echuca’s median days on market dropped by 10.5 days to 63.5 days in July.
Other regional towns recording large decreases in days on market were Paynesville in the Gippsland region, down 67 days to 77.5, Point Lonsdale, down 39 days to 94 and Anglesea, down 64.5 days to 110.5.
Regional towns within commuting distance of Melbourne also experienced declines in median days on market with homes in Woodend selling 8.5 days faster than July 2014 with a median of 58.5 days while Longwarry, south-east of Melbourne fell 21 days to 85.