The Melbourne property market is on fire, fuelled by pent-up demand after a number of months of lockdown, at a time when interest rates are at historical lows.
Established home buyers are out looking to upgrade, first home buyers are looking to get into the market and investors are slowly returning to the housing market. 
Recently Domain reported the Melbourne suburbs where properties are selling the fastest.
It’s not surprising that it’s the lower end of the market that has seen the most dramatic reduction in the time required to sell a property, with more first home buyers taking advantage of the various incentives available including stamp duty discounts.
Now just to make things clear…
I’m not suggesting that these are the locations where you should be looking to buy an investment property, but I find the following tables of Days on Market a useful insight into the mood of our property markets which are currently being fuelled by FOMO (fear of missing out.)
Change in days on market for houses
This data compares the days on market (how long it takes to sell a property)between January 2020 and January 2021 for private treaty sales only.
It does not include data on auction campaigns.
Region
January 2020
January 2021
Percentage rise/fall
Darebin – South
124
46
-62.90%
Brunswick – Coburg
72
46
-36.10%
Sunbury
53
49
-7.50%
Knox
54
51
-5.60%
Banyule
72
55
-23.60%
Maroondah
50
55
10.00%
Frankston
58
56
-3.40%
Yarra
65
57
-12.30%
Nillumbik – Kinglake
60
58
-3.30%
Yarra Ranges
52
59
13.50%
Whitehorse – East
48
60
25.00%
Stonnington – East
37
60
62.20%
Glen Eira
52
61
17.30%
Melbourne City
55
63
14.50%
Geelong
62
64
3.20%
Source: Domain
Change in days on market for units
Just like with houses, Domain reports that there are some regions where units are selling quicker (days on market are falling), and other locations where it is taking longer for units to sell.
Region
January 2020
January 2021
Percentage rise/ fall
Darebin – South
110
55
-50.00%
Maroondah
51
63
23.50%
Glen Eira
80
64
-20.00%
Port Phillip
100
67
-33.00%
Bayside
105
68
-35.20%
Stonnington – East
76
71
-6.60%
Casey – North
77
74
-3.90%
Knox
65
74
13.80%
Hobsons Bay
100
75
-25.00%
Geelong
61
77
26.20%
Whitehorse – East
48
77
60.40%
Boroondara
98
79
-19.40%
Ballarat
52
79
51.90%
Brimbank
103
85
-17.50%
Kingston
80
88
10.00%
Source: Domain
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Sure the markets are moving on, but not all properties are going to increase in value. Now, more than ever, correct property selection will be critical.
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Read more: propertyupdate.com.au