For most new apartment buildings, the Owners Corporation starts life with little more than a bank account and the first quarterly strata levies.

At <a href="https://www.apartments.com.au/buildings/9-gay-street-castle-hill-9-gay-street-castle-hill-nsw-2154">9 Gay Street</a> in <a href="https://www.apartments.com.au/developments/castle-hill-nsw-2154">Castle Hill</a>, it starts with around $7 million in reserve.

It's an unusual legacy of what was once one of Sydney's highest-profile apartment remediation projects. When the development, originally known as Skyview and built by disgraced developer Top Place, came under scrutiny by then NSW Building Commissioner David Chandler, an $11 million remediation bond was negotiated to ensure any building defects could be fully rectified.

The building underwent an 18-month remediation program, during which around $4 million of that bond was spent bringing the building up to the standard it should have been in from the outset.

After extensive inspections, all active rectification orders have been lifted. What's more, around $7.2 million remains secured for the Owners Corporation for the next 15 years.

In a twist few would have predicted, what began as a significant concern for purchasers has left the building with something almost unheard of in the apartment market: a multi-million-dollar financial reserve from day one.

[smartcode_project:default project_id=147685 project_image_fid=359136]

<a href="https://www.apartments.com.au/project-marketer/equitifund-group">Equitifund</a> Executive Chairman Greg Huxley said the structure offers buyers a level of certainty that is difficult to replicate.

"The $11 million bond established for the Skyview Castle Hill development represents exceptional value, providing genuine financial security for purchasers," Huxley said.

"Unlike a standard insurance policy, this bond consists of real funds held in trust for the Owners Corporation, offering a tangible layer of protection and added peace of mind."

The apartments themselves have been designed with a focus on practical, contemporary living. Interiors feature Smeg appliances, stone benchtops, tiled living areas, carpeted bedrooms, 2.7-metre ceilings, floor-to-ceiling glazing, and ducted heating and cooling throughout.

Residents also have access to a range of shared amenities, including two rooftop barbecue areas, a swimming pool, children's playgrounds, secure building access, storage cages, and visitor parking.

The location continues to be one of the project's strongest drawcards. Castle Hill Metro Station sits virtually on the doorstep, providing direct connections across Sydney's expanding Metro network, while Castle Towers offers extensive retail, dining, entertainment, and service amenities within walking distance.

[smartcode_project:default project_id=147685 project_image_fid=359127]

The building, now named after its location at 9 Gay Street, comprises a diverse mix of one-, two-, and three-bedroom apartments starting from just under $600,000.

Equitifund National Sales Director Ben Hamblett said demand in the Hills District continues to be driven by buyers seeking convenience and connectivity.

"Interest from both owner-occupiers and investors in Castle Hill remains exceptionally strong, with buyers consistently prioritising developments in close proximity to the Metro station and Castle Towers Shopping Centre," Hamblett said.

"There is a clear trend in the market, with purchasers seeking convenient access to transport and lifestyle amenities that support a seamless, low-maintenance way of living."

On top of the long-term protection afforded by the remaining $7.2 million bond, Equitifund is offering a limited-time stamp duty rebate on selected apartments.

Eligible purchasers can also secure finance options, including a 3.99 per cent two-year variable rate, loan-to-value ratios of up to 90 per cent, and interest-only lending options through EquitiCredit.

[smartcode_project_cta:default project_id=147685]

Joel Robinson

Why this Castle Hill apartment building starts with a $7 million advantage

For much of the past few years, conversations about Australia's property market have centred on the rapid growth seen in Sydney, Brisbane, Gold Coast, and Perth. <a href="https://www.apartments.com.au/developments/melbourne-vic-3004">Melbourne</a> has followed a different trajectory.

That relative underperformance is now encouraging some buyers to reassess the city, particularly those willing to look beyond short-term market movements and focus on quality property in established locations, along with the long-term growth prospects of a city expected to overtake Sydney as Australia’s most populous.

John Bekiaris, Research &amp; Market Insights at <a href="https://www.apartments.com.au/project-marketer/equitifund-group">Projects by Equitifund</a>, said Melbourne's current position is attracting increasingly sophisticated purchasers.

"Melbourne continues to present one of Australia's strongest long-term investment stories," Bekiaris says.

"While other capital cities have experienced stronger recent growth, that relative underperformance is exactly what's attracting sophisticated counter-cyclical investors."

[smartcode_project:default project_id=1979 project_image_fid=363268]

Equitifund isn't just commenting on Melbourne's property market, it's investing in it.

The Sydney-headquartered capital partner has taken over the remaining apartments at <a href="https://www.apartments.com.au/buildings/victoriana-melbourne-20-queens-road-melbourne-vic-3004">Victoriana</a>, the recently completed glass-encased development opposite Albert Park Lake in Melbourne's tightly held St Kilda Road precinct.

Designed by <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a> and built by <a href="https://www.apartments.com.au/builders/hickory">Hickory</a>, Victoriana places residents between one of Melbourne's most recognised parklands and the CBD, offering oversized two and three-bedroom apartments aimed at owner-occupiers seeking a genuine alternative to a traditional family home.

The development comprises 232 completed residences alongside a suite of resident amenities, including a 25-metre indoor swimming pool, gymnasium, landscaped entertaining areas, resident lounges, EV charging, secure basement parking and a concierge-style arrival experience.

[smartcode_project:default project_id=1979 project_image_fid=363229]

The apartments have been designed with owner-occupiers firmly in mind.&nbsp;Open-plan living and dining areas flow onto generous balconies framing views across Albert Park Lake, Fawkner Park, the Royal Botanic Gardens and the Melbourne skyline.

Kitchens feature Gaggenau appliances, stone benchtops and generous preparation space. Bedrooms include built-in robes, while bathrooms feature full-height textured tiling. Hardwood flooring and ducted air conditioning complete residences designed for long-term living.

Rothelowman's architecture takes its cues from the landscape opposite the site. Sweeping horizontal glazing references the movement of Albert Park Lake, while generous balconies and expansive glazing strengthen the connection between the apartments and the surrounding parklands. The result is a building designed to deliver the scale and amenity expected of luxury apartment living, while offering the larger floorplans increasingly sought by owner-occupiers.

[smartcode_project:default project_id=1979 project_image_fid=363284]

The location is one of Victoriana's defining characteristics. Positioned on Queens Road, residents are directly opposite Albert Park Lake and within easy reach of Fawkner Park, the Royal Botanic Gardens, South Melbourne, St Kilda Road and the CBD. With few comparable development opportunities remaining in the precinct, buyers are increasingly placing value on outlooks that are unlikely to be interrupted by future construction.

Greg Huxley, Founder of Equitifund, believes those qualities become even more valuable over time.

"Premium real estate has always rewarded buyers who take a long-term view," Huxley said.

"Victoriana represents the kind of asset that's increasingly difficult to recreate today, particularly in an established location like Queens Road."

He said rising construction costs are also changing the way buyers assess completed developments.

"When you combine an irreplaceable location with thoughtful architecture and premium finishes, you create something that becomes increasingly difficult to reproduce as construction costs continue to rise."

[smartcode_project:default project_id=1979 project_image_fid=363228]

According to National Sales Director Ben Hamblett, enquiry has been driven largely by Melbourne downsizers and buyers upgrading from smaller apartments.

"Interest in Victoriana continues to build, with strong buyer focus on the larger owner-occupier residences within the development," Hamblett says.

"Enquiry is increasingly driven by local buyers who recognise the rarity of what's on offer: park-facing apartments in an established neighbourhood where new development opportunities are becoming increasingly scarce. At Victoriana, the view is not just a feature; it's an appreciating asset in its own right."

He said interstate enquiry has also strengthened as buyers reassess Melbourne's position within the national property cycle.

"Melbourne currently stands as the most compelling entry point of any major Australian capital, and discerning buyers are beginning to recognise what those who move early always understand: the best opportunities are taken before the price rise confirms them."

[smartcode_project_cta:default project_id=1979]

Why now is the time to buy in Melbourne's premium apartment market

Developers and apartment buyers have a narrowing window of opportunity before Brisbane's Olympic infrastructure pipeline begins competing directly with residential construction, pushing up costs, tightening labour supply and making new projects increasingly difficult to deliver.

While Brisbane's apartment market continues to benefit from strong population growth and limited housing supply, industry research suggests the years leading up to 2027 could prove to be the most important period for developers looking to secure builders and buyers hoping to purchase before the next wave of price increases.

A new Colliers report, Brisbane 2032 Olympic and Paralympic Games: Creating Solutions, highlights the scale of the challenge. While thousands of new homes are planned across South East Queensland, the Brisbane Olympic Athletes Village alone will deliver more than 10,500 beds during the Games before being converted into around 1,750 to 2,000 apartments. Equivalent to almost two years of typical inner-city apartment supply, the project will also absorb a significant share of the construction workforce and building materials.

The broader construction pipeline paints an even clearer picture.

Construction Skills Queensland's Horizon 2032 report forecasts Queensland's annual construction pipeline will average $69 billion over the coming years before peaking at $75 billion in 2027-28. Demand for construction workers is expected to increase by 17 per cent to almost 150,000 people, with the industry facing an annual shortfall of around 19,000 workers that could blow out to as many as 35,000 during the peak construction period.

The Olympic venues, athletes village and supporting infrastructure will account for billions of dollars worth of work across South East Queensland through to 2032, creating intense competition for labour at a time when Australia's residential construction sector is already under pressure.

[smartcode_project:default project_id=150489 project_image_fid=373834]

Colliers Queensland Residential Director Andrew Scriven said the convergence of these projects is creating a clear window of opportunity for both developers and buyers.

"From 2027 onwards, the market will shift dramatically," Scriven said.

"Labour will increasingly be locked into government-led infrastructure and Olympic projects, which means private residential developments will face higher costs and tighter margins. The developers who move now are the ones most likely to get projects off the ground."

Scriven said the same dynamic would also affect buyers, with fewer apartment projects expected to launch once construction capacity tightens.

"If you're looking to change your lifestyle over the next five years, now is your window of opportunity to buy."

[smartcode_project:default project_id=150713 project_image_fid=373827]

Developers are already positioning themselves ahead of that window.

Following the success of Monarch at Toowong, Consolidated Properties is preparing to launch two new Brisbane apartment projects in the second half of 2026. They include <a href="https://www.apartments.com.au/new-apartments/gloriette-30-bedivere-street-yeerongpilly-qld-4105">Gloriette</a> at Yeerongpilly Green, a 25-storey tower within one of Brisbane's key Olympic precincts, and <a href="https://www.apartments.com.au/new-apartments/castile-47-skyring-terrace-newstead-qld-4006">Castile</a>, a recently approved 25-storey riverfront development at 47 Skyring Terrace in Newstead.

Hutchinson Builders will deliver both projects, with early works already underway at Yeerongpilly and Newstead expected to commence later this year.

The timing comes as Brisbane's fundamentals continue to strengthen, with strong interstate migration, population growth and vacancy rates remaining below 1.5 per cent.

Colliers Queensland researcher Pragya Sharma said Greater Brisbane is forecast to require around 40,000 new apartments between 2021 and 2031.

"There's a real mismatch emerging between when housing is needed and when it will be feasible to build," Sharma said.

"As a result, the period leading up to 2027 presents a key window of opportunity for developers to secure approvals, funding and construction capacity, while buyers will have greater choice before supply constraints intensify."

Colliers research outlines a critical pre-2027 window to start residential projects before labour squeeze: now is the time to buy

Developers, buyers on watch in South East Queensland ahead of construction crunch: Colliers

It's taken less than nine months for developer Sherpa Property Group to sell out all 51 apartments in its <a href="https://www.apartments.com.au/new-apartments/flourish-oasis-palm-beach-7-9-sixth-avenue-palm-beach-qld-4221">Flourish Oasis</a> development in <a href="https://www.apartments.com.au/developments/palm-beach-qld-4221">Palm Beach</a>, over a year before its anticipated completion.

&nbsp;

Located at 7-9 Sixth Avenue, the $67 million development has resonated strongly with both local owner-occupiers and downsizers seeking high-quality apartments within walking distance of the beach, dining precincts and everyday amenities.

[smartcode_project:default project_id=151449 project_image_fid=357458]

Christie Leet, Founder of <a href="https://www.apartments.com.au/developers/sherpa-property-group">Sherpa Group</a>, said the sell-out reflected both the strength of the Palm Beach market and the success of Sherpa's community-first approach to development.

"The sell-out of Oasis is a fantastic outcome and reinforces the strong demand we're seeing for thoughtfully designed apartments in lifestyle locations," Leet said.

"From the outset, our vision was to create a development that genuinely enhanced the Palm Beach community while providing residents with exceptional homes and wellness-focused amenities.

"We've been incredibly encouraged by the level of local support throughout the campaign, 72.5 per cent of buyers are locals, with a significant proportion of purchasers choosing Oasis as their future home rather than an investment."

[smartcode_project:default project_id=151449 project_image_fid=357463]

Construction is now progressing following development approval, with trusted builder LPS Group delivering the project and completion anticipated in Q3 2027.

Oasis forms part of Sherpa Group's successful Flourish collection, which has become recognised for its focus on wellness, community and elevated coastal living.

[smartcode_project:default project_id=151449 project_image_fid=357469]

Residents will have private access to a rooftop amenity space featuring a pool, gym, sauna, steam room, hot and cold plunge pools, spa and barbecue facilities.

"The success of Oasis demonstrates that buyers continue to prioritise quality, location and lifestyle," Leet said.

"We are proud to have delivered a project that has resonated so strongly with the market and look forward to bringing Oasis to life for our future residents."

Sherpa recently launched <a href="https://www.apartments.com.au/new-apartments/flourish-soleira-palm-beach-1150-1160-gold-coast-highway-palm-beach-qld-4221">Flourish Soleira</a>, its third instalment of the Flourish brand in Palm Beach following Flourish Oasis and <a href="https://www.apartments.com.au/new-apartments/amargo-6-12-sixth-avenue-palm-beach-qld-4221">Flourish Amargo</a>.

[smartcode_project_cta:default project_id=151449]

Sherpa sells out Flourish Oasis in booming Palm Beach

Urban Property Group's <a href="https://www.apartments.com.au/new-apartments/la-vera-macquarie-park-94-talavera-road-macquarie-park-nsw-2113">La Vera</a> is leading the next phase of Macquarie Park's residential evolution, with the new apartment development set to become the first of several new apartment projects in the precinct to complete.

The 169-apartment building has now topped out ahead of its scheduled completion in the third quarter of 2026, as new residential investment continues to reshape one of Sydney's largest employment hubs into a true mixed-use precinct.

[smartcode_project:default project_id=134951 project_image_fid=368645]

Cox Architecture has designed La Vera to capture the best of its unique positioning on Talavera Road, orienting the building towards Lane Cove National Park.&nbsp;The building features a sculpted northern façade with flowing curves inspired by the surrounding landscape, while its city-facing elevation adopts a more structured architectural expression to maximise skyline views.

"The vision for the project was to conceive a building that adopted an organic and curvilinear form to the northern portion that faces the Lane Cove National Park," <a href="https://www.apartments.com.au/architects/cox-architecture">Cox Architecture</a> Director Felipe Miranda said.

"The residents that reside in the northern portion of the building benefit by having beautifully crafted curved balconies that speak to the natural context and heighten the relationship of their internal living spaces to the external balconies."

[smartcode_project:default project_id=134951 project_image_fid=358802]

La Vera offers a diverse mix of one, two, three, and four-bedroom configurations, with prices currently starting from $740,000. Buyers so far have been a mix of Sydney-based investors,&nbsp;metro commuters, owner-occupiers and downsizers from surrounding North Shore suburbs.

Both investors and owner-occupiers have been drawn to La Vera's proximity to Macquarie University, Macquarie University Hospital, Macquarie Centre and the Sydney Metro, infrastructure that supports both strong rental demand and a convenient lifestyle for residents.

The apartments feature full-height glazing, timber flooring throughout living areas, stone kitchen benchtops, SMEG appliances, floor-to-ceiling bathroom tiling and ducted air conditioning.

Residents will have access to a rooftop recreation level featuring a swimming pool, sauna, barbecue facilities and landscaped relaxation areas, complemented by additional communal space at ground level. Many apartments enjoy uninterrupted views across Lane Cove National Park, reinforcing the project's connection to its natural setting.

[smartcode_project:default project_id=134951 project_image_fid=364551]

<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a>, a family-owned developer and builder with nearly four decades of experience, holds a 4.5-star iCIRT rating and was Australia's first developer to introduce 10-Year Latent Defects Insurance (LDI). La Vera is the first apartment development in <a href="https://www.apartments.com.au/developments/macquarie-park-nsw-2113">Macquarie Park</a> approved to offer the additional insurance protection, alongside a five-year warranty on SMEG appliances.

Urban Property Group CEO Patrick Elias said the additional protection reflects changing buyer expectations in the off the plan market.

"Consumers are a lot more weary and a lot more concerned in buying off the plan than they ever have been. Having LDI is a tool to portray the confidence that we have in our product, and a confidence we want buyers to share," Elias said.

Following completion of the building later this year, buyers will move into their apartments well before Christmas.

[smartcode_project_cta:default project_id=134951]

La Vera closes in on completion as Macquarie Park continues residential transformation

Time On Market

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EXPERT OBSERVER
With the national housing market moving through its down phase and buyer numbers thin on the ground, properties are taking longer to sell as vendors face stiff competition and purchasers take their time to negotiate the best possible price.
Over the three months to April 2019, the median time on market for a dwelling nationally was 60 days. As the chart shows, the typical selling time has risen significantly over recent months and is up from 35 days at the same time a year ago.
The rapid rise in time on market is symptom of higher supply (advertised stock levels across the combined capitals are at their highest level for this time of the year since 2012) and less demand (capital city settled sales are down 16% year on year).
<img src="https://www.urban.com.au/images/2019/5/23/May%2023%20CL%20pp%201.JPG" alt="">
 
Across Sydney, properties were typically taking 62 days to sell in April 2019 while in regional NSW properties were taking 76 days.
At the same time a year earlier, Sydney properties took 31 days to sell and regional NSW properties took 50 days.
As both housing markets have weakened there has been an ongoing steady increase in days on market.
<img src="https://www.urban.com.au/images/2019/5/23/May%2023%20CL%20pp%202.JPG" alt="">
Over the past three months, Melbourne dwellings have typically taken 43 days to sell compared to 27 days over the same period in 2018.
In areas outside of Melbourne, properties are typically taking 54 days to sell compared to 37 days a year ago.
Although days on market fell over the past month in Melbourne, properties are taking longer to sell than in recent years while in regional Vic there has been a recent spike in days on market.
<img src="https://www.urban.com.au/images/2019/5/23/May%2023%20CL%20pp%203.JPG" alt="">
Dwellings in Brisbane have taken 60 days to sell over the past three months while in regional Qld they have taken 77 days.
Over the same period in 2018, Brisbane dwellings were taking 34 days to sell and regional Qld dwellings took 47 days.
Although values have declined over the past year in Brisbane and regional Qld it has been a much more moderate decline than in Sydney and Melbourne.
Despite this fact, there has been a sharp spike in days on market highlighting that selling conditions have become much tougher despite values having only fallen moderately.
<img src="https://www.urban.com.au/images/2019/5/23/May%2023%20CL%20pp%204.JPG" alt="">
Properties in Adelaide are currently taking 54 days to sell compared to 45 days at the same time a year ago.
In regional SA, properties were taking 92 days compared to a slightly higher 95 days currently.
Although days on market in Adelaide is higher than a year ago, the results are a little volatile and they have been fairly steady over the past four years.
<img src="https://www.urban.com.au/images/2019/5/23/May%2023%20CL%20pp%205.JPG" alt="">
Perth properties were taking 48 days to sell a year ago compared to 62 days currently.
In regional WA, the days on the market figure is currently 76 days, slightly higher than it was a year ago (73 days).
Despite the ongoing weak housing market conditions over recent years in Perth and regional WA the days on market figure has been fairly steady.
This would seem to suggest that Perth vendors are setting appropriate initial list prices or are willing to reduce prices to meet the market.
<img src="https://www.urban.com.au/images/2019/5/23/May%2023%20CL%20pp%206.JPG" alt="">
A year ago dwellings in Hobart were typically taking 9 days to sell and in regional Tas they were taking 39 days.
As dwelling value growth has slowed over the past year, days on market has increased to 32 days in Hobart and 58 days in regional Tas.
As the housing market is expected to continue to slow over the coming months, days on market may continue to climb unless vendors adjust their price expectations appropriately.
<img src="https://www.urban.com.au/images/2019/5/23/May%2023%20CL%20pp%207.JPG" alt="">
In Darwin, properties are currently taking 77 days to sell compared to 67 days a year ago.
Regional NT results are quite volatile because of the low volume of sales however, a year ago sales were taking 75 days compared to 81 days currently.
Despite the ongoing value falls in Darwin there hasn’t been a blowout in days on market although it has recently broken its reducing trend.
<img src="https://www.urban.com.au/images/2019/5/23/May%2023%20CL%20pp%208.JPG" alt="">
The days on market figure for Canberra has started to fall over the past month but it has risen from 31 days a year ago to 52 days as the housing market has slowed.
Overall the data points to a longer period of negotiation before a sale.
This reflects the conditions of tougher finance and fewer buyers. In order to have the best chance of achieving a sale vendors should set realistic prices, maximise their marketing campaign to ensure their property stands out from the competition and be prepared to meet market expectations.
<img src="https://www.urban.com.au/images/2019/5/23/May%2023%20CL%20pp%209.JPG" alt="">
CAMERON KUSHER is the head of research for the Australian branch of CoreLogic
Kusher regularly posts on the <a href="https://www.corelogic.com.au/taxonomy/corelogic-people/cameron-kusher" target="_blank">CoreLogic website</a>.
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Buyers in control as median selling time trends higher: Cameron Kusher

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Victorian homes are being snapped up in record time: REIV

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Darwin apartment median time on market remains the greatest outlier out of any capital city, according to CoreLogic data.
As a general rule, median time on market for houses and apartment are within 20 days of each other and in some cases, Sydney Hobart and Melbourne for example, the difference in median time on market is just a single day.
Not only does Darwin stand out in that regard but listings in Darwin see the largest discount between the listed price and the sale price. Across both types of residential property the median discounted amount is above -10%.
Another outlier in CoreLogic's findings is that apartments in Melbourne see a median discount of -4.9% as compared to houses' -5.5%. There is a 0.6% difference in the median discount.
In comparison most capital cities, in particular Sydney, Brisbane and Adelaide see very minor differences, just 0.1% when comparing the discount on listing values between apartments and houses.
<img src="https://www.urban.com.au/images/2019/10/21/OCT%2021%20Median%20time%20and%20Discounting%20stats.JPG" alt="">
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Darwin apartments remain on market the longest and see the largest discounts

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Tasmania held eight of the top ten spots for localities with the shortest days on market for houses, according to the latest analysis by RiskWise Property Research.
Their research showed that the top spots were held by Lutana, a localitiy of Hobart 6km from the CBD, and Mornington, only 7km from the CBD, which both had an average of six days on market before sale for houses.
The only localities on the list that weren't from Tasmania were Shenton Park, WA which is only 4km from the Perth CBD which placed 6th with seven days on market. 
The number 10 spot which was held by Castle Cove, NSW, located 11km from the CBD houses in Castle Cove delivered a capital growth of 0.7 per cent in the past 12 months and the average time on market was 8 days for houses.
Compared to the Australian average number of days on the market which sits at 43 even houses in the tenth place were sold more than 5 times faster.
<a href="https://www.propertyobserver.com.au/subscribe" target="_blank"><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/1/Subscriber%20strip%20ad.jpg" alt=""></a>
RiskWise CEO Doron Peleg said the list was made up of high-demand postcodes.
However, he said it must be noted that while the localities in Tasmania were incredibly popular, they were not ‘the entire market’ which was still decelerating.
“However, while these reductions are not surprising given Tasmania is less affordable than five of the states and territories (in price-to-income ratio) terms, the market supply is very small, so this will continue to drive some price.”
Mr Peleg said the list highlighted the age-old saying of ‘location, location, location’ or if you don’t have that then having something else special to offer whether that is lifestyle, good schools, access to transport hubs or infrastructure.
<img src="https://www.urban.com.au/images/2019/1/10/TAS%20fasrt.JPG" alt="">
The 7009 postcode saw around 60 sales last year, ranging from a $168,000 two bedroom 1950s flat rented at $210 a week to $605,000 for a three bedroom 1960s house then rented at $570 a week.
It has around 1200 abodes.
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Tasmania had eight of the ten fastest selling localities for houses in 2018

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Properties in Melbourne’s south-west are being snapped up much faster than the same time last year, new data shows.
The latest Real Estate Institute of Victoria (REIV) report showed properties in Williams Landing sold 41 days faster this August (64 compared with 105 in 2017), while properties in the neighbouring suburb of Seabrook were on the market for 35 fewer days (down to 49 from 84).
Point Cook listings sold 19 days quicker (52 compared to 71) and the days on market for Altona shrunk 16 days down to just 32 from 48.
REIV President Richard Simpson said there is a clear trend in this region of Melbourne.
“Melbourne’s south west is becoming increasingly popular with buyers, especially young families, who are attracted by access to public transport, proximity to the CBD, plenty of green open space, shopping centres and community facilities,” Simpson said.
Tithe median house price for Point Cook and Williams Landing are both below the $840,000 median house price for metropolitan Melbourne and below the $750,000 cut off for first home buyer incentives.
The median in Point Cook increased 13.4% in the 12 months to 30 June 2018 to $706,000 while Williams Landing’s median went up by 10.6% to $685,000.
Days on market increased four days from 32 days in August 2017 to 36 days in August 2018 for metropolitan Melbourne but decreased four days, from 47 to 43, for regional Victoria.
The South Gippsland town of Lang Lang had the most significant shrinkage of days on market between August 2017 and August 2018, losing 63 days from 82 to 19.
Other strong performers were Skye, Narre Warren South, Doreen, Cranbourne East and Cranbourne West where properties lasted just 20 days on market, Simpson said.
“Private property listings do not last long in the Yarra Valley with the REIV’s Days on Market data showing that homes are snapped up within 10 days in Millgrove, 13 days in Upwey, 14 days in Woori Yallock, 15 days in Yarra Junction and Launching Place and 17 days in Warburton."
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Time on market shrinking in Melbourne's south-west: REIV

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The days on market metric provides an indication as to how quickly properties sold by private treaty are likely to sell.
The current data at a national and capital city level shows fairly steady days on market however, we are seeing diverging trends across the individual cities. 
At the end of 2017, properties sold by private treaty across the nation typically took 45 days to sell and across the combined capital cities they took 40 days to sell. Both the capital city and national measure has been reasonably steady over recent months however, the days on the market figure for each region was slightly 60 lower a year earlier. In December 2016 it typically took 44 days to 40 sell a property across the nation and 37 days across the combined 20 capital cities 
The trends are changing quite significantly across the individual capital cities. 
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/2/8/corelogic%201.jpg" alt="" style="font-size: 12.16px;">
Sydney
The typical home took 42 days to sell in December 2017, up from 34 days a year earlier. The 42 days it currently takes to sell is the longest time on market since May 2016 and up from its
Melbourne
Homes in the city typically take 33 days to sell which isupfrom29daysattheendof2016. The29daysattheendof 2016 was also a recent low in days on market for the city.
Brisbane
In December 2016 the typical home took 47 days to sell while a year later they were taking 53 days to sell. The days on market figure has been trending higher since reaching a recent low of 43 days in March 2017.
Adelaide
Properties currently take 41 days to sell which is down from 43 days a year earlier. The typical days on market has been falling over recent months in Adelaide.
Perth
There has been a consistent decline in the days on market figure over the past year falling from 58 days to 53 days. After recently peaking at 75 days in August 2017 there has been a sharp fall over recent months.
Hobart
Properties are currently taking 33 days to sell which is marginally lower than the 34 days a year ago. Homes have been selling quite quickly in Hobart over the past two years as value growth has accelerated. 
Darwin
The days on market figure for the city at 75 days is substantially lower than the 88 days recorded a year earlier and 100 well down on the recent peak of 119 days in March 2017. 
Canberra
At 42 days, properties are taking longer to sell currently 60 than they were a year ago when they took 39 days.
With dwelling values now falling in Sydney and slowing across many cities it is reasonable to expect that over the coming 12 months the number of days it takes to sell a property will trend higher. In particular this is likely to occur in Sydney (where valuesare already falling) and Melbourne given that both cities have experience rapid rates of sale and strong growth in dwelling values over recent years. Vendors in those cities were market conditions are softening will need to be realistic about their pricing expectations; as properties take longer to sell, buyers will be more140 inclined to negotiate on asking prices and vendors may face higher  competition from other properties listed for sale as inventory levels rise. 
On the other hand, markets such as Perth, where housing values have been falling, are now showing a reduction in total advertised stock levels and homes are starting to sell in fewer days which should help to dampen further value falls. 
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Vendors need to realise market conditions are softening: CoreLogic's Cameron Kusher

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Canberra houses are selling in just 23 days, according to recent data from CoreLogic. 
It is the fastest selling capital city.
Meanwhile, Hobart lurks just behind with an average 24 days on market, with Melbourne (28 days) and Sydney (29 days) not far behind. 
Darwin is the slowest for both its private treaty house listings and apartment listings at 76 and 114 days respectively. 
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Canberra the fastest selling capital for houses: CoreLogic

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GUEST OBSERVER
With Christmas fast approaching, more property sellers are opting for three-week auction campaigns.
This weekend’s Super Saturday auction extravaganza features a large number of properties, which are using three-week marketing campaigns, rather than the traditional four-week approach.
This is a sensible strategy given Sydney’s high clearance rates and stock levels that are lower than in previous years. These factors are encouraging more owners to act quickly before buyers lose interest, or more stock comes onto the market.
The hottest auction clearance rates were achieved in Sydney’s Inner West last weekend, with 91 percent of properties selling under the hammer.
The next best was the Northern Beaches with a clearance rate of 90.5 percent, followed by the city and the Eastern Suburbs with 90.2 percent, and the Lower North Shore with 84.4 percent.
A clearance rate above 90 percent means vendors have very a solid chance of selling in this market, and it’s this realisation, and the proximity to Christmas, which is encouraging more owners to choose a shorter, marketing campaign.
Savvy sellers also realise that some committed buyers may be willing to accept a three-week settlement, as they wish to move into their next property before the end of the year. However, once we reach the second week of December this possibility fizzles out.
Also by the middle of next month, the mindset of many buyers will start to drift away from real estate, to preparing for a Christmas visit from the in-laws, buying presents for the children and planning for the holiday season.
The higher than usual number of three week auction campaigns indicated more real estate agents are adapting to prevailing market conditions.
James Pratt is director of auctions, Raine &amp; Horne, and can be contacted <a href="https://www.raineandhorne.com.au" target="_blank">here</a>.
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Shorter auction campaigns are tempting buyers seeking a pre-Christmas property purchase

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The average time on market for private treaty listings is decreasing across most capital cities, CoreLogic says.
Melbourne and Sydney are neck and neck at 29 days with Canberra just a day slower.
Darwin's 94 days on market is the nation's slowest.
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