Wyndham properties are being snapped up a lot quicker than they were at the same time last year.
A “days on the market” map on the Real Estate Institute of Victoria website shows Williams Landing homes are hot property, with the average number of days dropping from 84.5 in September last year to 48 this month.
The trend is similar in Hoppers Crossing (dropping from 40 days on the market to 33), Truganina (41 to 38) Point Cook (99 to 81) and Wyndham Vale (84 to 48). Werribee properties are selling quicker, too – from 48 days down to 40. Tarneit has gone from 42 to 35.
The director of LJ Hooker Werribee Hoppers Crossing, Adrian McEvoy, said the reason for the decreased time on the market was the supply-and-demand factor, coupled with low interest rates.
“There are investors putting their money into bricks and mortar, first-home buyers and people trading up and down,” he said. “We’re finding that people are coming from outside of Victoria to invest in homes in the area.”
YPA Werribee director James Antonio said Hoppers Crossing was going “absolutely gangbusters”, with most properties selling in under 14 days.
“It’s all about supply and demand,” he said. “We have a huge influx of investors from the east, to the point that now every home under $500,000 in Hoppers Crossing is going to auction and selling straight away.”
He gave an example of a Hoppers Crossing house that was advertised online on a Thursday. Within two days 29 groups had inspected it.
Hockingstuart Point Cook director Scott Perry said his agency had been persuading buyers to focus on auctions because there was an excess of buyers.
“I believe this will change when spring is in full-force, when a lot more properties come on the market,” he said.
