Melbourne’s fastest-selling suburbs revealed where homes are snapped up in just 15 days | PropTrack

Homes in Melbourne’s fastest-selling suburbs are snapped up in as little as just over two weeks, new PropTrack data shows. Find out if your area is among the top performers.

Aidan and Jean Hall with their dogs, Rio and Pumpkin, and are selling their house in Doreen, which is one of Melbourne’s fastest-selling suburbs. Picture: Tony Gough.

Melbourne home sellers are scoring six-figure sales in just over two weeks as the city’s fastest-selling suburbs feel the FOMO before Christmas.

New PropTrack data shows homes in Wandin North, Belgrave, Bayswater North, Langwarrin and Gladstone Park spend 20 days or less waiting for a new owner, with some of them falling far below the 38-day average a Melbourne residence typically spends on the market.

RELATED: How much Melbourne home prices could rise in 2024: PropTrack

How Christmas can warp the real estate market

The Block serial buyer Danny Wallis outlines plan to sell all his Victorian investment homes

Outside of Melbourne, Grovedale near Geelong was the quickest selling suburb, with homes changing hands in 24 days.

PropTrack economist Angus Moore said the current market was not quite as fevered as November 2021 when the state was emerging from Covid lockdowns and some eastern suburbs’ homes sold in 9-10 days.

Many of the fastest-selling Melbourne suburbs were located in the east and northeast region of the city.

PropTrack economist Angus Moore.

But Mr Moore said many buyers were still attracted to the “tree change” lifestyle that suburban fringe properties offered.

“The fact we’re now seeing homes sell in just over two weeks suggests there is real demand for these and hot competition,” Mr Moore said.

“The east is a bit more attractive at the moment with interest rates and affordability stretching people to look to the outer east especially to buy a home in some of the more affordable areas.”

This three-bedroom house at 4 Morris Court, Wandin North, is for sale with a $700,000-$770,000 asking range. The suburb has a median 15 days on the market and a median house price of $796,062.

In the Mornington Peninsula, this house at 2/26 Pepperbush Cres, Langwarrin, is on the market with a $800,000-$840,000 price guide, which matches with the suburb’s $814,632 median house price.

Median house prices for Melbourne’s fastest-selling suburbs mostly fall in the $750,000-$880,000 price range apart from Gladstone Park on $711,906 and Heathmont at $1,051,817, according to PropTrack.

Mr Moore said housing affordability in Victoria “is the worst it has been in at least three decades” with just 9 per cent of homes considered affordable for a “median household” earning $110,000 per year.

Jellis Craig Eltham’s Pina Kara said many of the rapidly-selling suburbs including Doreen attracted young families.

“There is still a little bit of stock around but there’s always a mad rush before Christmas,” Ms Kara said.

“Turnkey properties are flying out the door.”

With three-bedrooms, 18 Starcross Ave, Croydon, has a $795,000-$870,000 price tag. Spending a median 20 days on the market, houses in the area have a median $881,914 house price.

Advantage Properties buyer’s advocate Frank Valentic.

Advantage Properties’ buyers advocate Frank Valentic, who regularly appears on The Block bidding on behalf of clients, said homes in Melbourne’s affordable outer suburbs were often purchased in 14-21 days’ time.

“Some are even selling in 7-14 days as soon as a contract is available,” Mr Valentic said.

“There’s definitely some FOMO out there especially for renovated properties compared to those you might describe as ugly ducklings that need work, due to high building costs.

“Turn-key, renovated or modern family homes are selling like hot cakes and have got the strongest demand if you’re a buyer and strongest results if you’re selling.”

At 25 Cherry Tree Grove, Croydon, this three-bedroom house comes with a $840,000-$895,000 asking range.

However, Mr Valentic said most vendors would hold off putting their homes on the market until late January or February due to the approaching Christmas period and school holidays.

“I’ve got a couple of clients at the moment who are desperate to get in before Christmas,” Mr Valentic said.

“The clock is ticking now … you won’t get much new stock on the market now”

But an interest rate rise early next year could “put the brakes on the outer suburbs’ market” as they typically impact first-home buyers’ budgets the most, Mr Valentic added.

7 Campbell St, Heathmont, has a $1.1m-$1.2m price guide, slightly above the suburb’s $1,051,817 median house price. Homes in the area spend a median of 20 days for sale.

Property Home Base founding director and buyers agent Julie DeBondt-Barker said consecutive interest rate rises this year had affected borrowing capacity for many people with some holding off purchasing in the hopes prices will fall in 2024.

“Some buyers are sitting back and reassessing,” Ms DeBondt-Barker said.

Aidan and Jean Hall, pictured with their dogs, Rio and Pumpkin and are selling their home in Doreen. Picture: Tony Gough.

The Halls’ house at 20 Resolution Circuit, Doreen.

After eight years living in Doreen, Aidan and Jean Hall know the many delights their suburb has to offer.

The couple are selling their four-bedroom house at 20 Resolution Circuit with plans to upsize to a bigger property for Mr Hall, a carpenter and concreter, to run his business Hallcon Concrete Design from.

However Mr Hall said that if he did not need a larger home, they likely would not be selling their beloved residence.

The light and airy open-plan living area.

Polished concrete benches and scalloped cladding feature in the kitchen. Picture: Tony Gough.

The couple enjoy entertaining.

When they purchased the abode as a house and land package “it was basically just a house on some mud with no fences”.

He has extensively landscaped and added concrete pavers, a barbecue bench, fire pit and planter boxes to the rear garden.

“We like having dinner, cooking and having friends over, it’s a great lifestyle here,” Mr Hall said.

Jellis Craig Eltham’s Pina Kara described the home as a “great entertainer”.

Mr Hall built the dressing room and walk-in wardrobe, including a make-up station, as a project during Covid lockdowns.

Another personal touch Mr Hall added to the house is the polished concrete kitchen bench.

During Covid lockdowns, he installed a large walk-in wardrobe and dressing room in the main bedroom featuring concrete drawer fronts, pull-down hinges and LED track lights.

There’s also Venetian plastered walls and a polished concrete floor in the double garage with an automatic door.

Extra room for parking a boat, caravan or trailer to the side of the house, on a concreted area, is another highlight.

The outdoor deck is surrounded by fences and trees, creating a sense of privacy.

Doreen offers plenty of open space for the Halls to walk their toy poodles Rio and Pumpkin.

“It’s a growing suburb, it has got some really nice parks and I love that it backs onto a national park,” Mr Hall said.

“The golf club is around the corner and Yarrambat Lake is close by if you like to go fishing.”

Riverstone Village, Laurimar Village, public transport and schools are also located close to the house which is for sale with a $700,000-$750,000 asking range.

Expressions of interest close December 18 at 5pm.

Top 10 fastest-selling Melbourne suburbs

Wandin North – median 15 days on the market – median house price $796,062

Belgrave – median 16 days on the market – median house price $820,391

Bayswater North – median 18 days on the market – median house price $862,874

Langwarrin – median 19 days on the market – median house price $814,632

Gladstone Park – median 19 day son the market – median house price $711,906

Heathmont – median 20 days on the market – median house price $1,051,817

Montrose – median 20 days on the market – median house price $876,295

Croydon – median 20 days on the market – median house price $881,914

Doreen – median 20 days on the market – median house price $757,334

The Basin – median 20 days on the market – median house price $852,710

Rest of Victoria

Grovedale – median 24 days on the market – median house price $661,360

Red Cliffs – median 24.5 days on the market – median house price $339,638

Ascot – median 25 days on the market – median house price $604,834

California Gully -median 26 days on the market – median house price $448,131

Thomson – median 26.5 days on the market – median house price $542,283

White Hills – median 28 days on the market – median house price $504,104

Swan Hill – median 28.5 days on the market – median house price $413,275

Mildura – median 30 days on the market – median house price $439,698

Strathdale – median 30 days on the market – median house price $622,429

Horsham – median 30.5 days on the market – median house price $392,840

Note: Data is for both houses and units, and for suburbs with a minimum of 30 sales in the 12 months to November 2023.

Source: PropTrack

---

Sign up to the Herald Sun Weekly Real Estate Update. Click here to get the latest Victorian property market news delivered direct to your inbox.

MORE: Big changes coming to Victorian homes in 2024

Melbourne on track for wrong home boom, new housing forecasts reveal: Informed Decision

John McGrath: Melbourne’s slower rebound makes it a desirable spot to invest now