Melbourne’s fast-selling venues are getting into the autumn auction action

It’s not just the Melbourne Grand Prix that’s up and running this weekend, the city’s housing market is also in dire need of speed with the number of fast-selling properties rising.

And it could be an early sign that the autumn auction market will benefit from an acceleration in home prices, with an initial assessment as 546 properties go under the hammer this week.

The latest PropTrack data shows the number of suburbs where houses or units took 30 days to sell, or less, has quadrupled from 122 in February of last year to 432 by 2026.

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Carrum Downs is in good shape, and the average house spends just 12 days on the market – just over a third of the typical auction timeline.

In Kilsyth South and Belgrave Heights sales take 14 days, while estate agents in Upwey, Skye and Seville East can bank 15 days waiting for a contract to be signed.

PropTrack senior economist Anne Flaherty said the broad expansion of suburbs with fast-paced home sales could be a precursor to rising home prices.

17 Greenwood Drive, Carrum Downs, will go to auction on March 14, at one of Melbourne’s fastest selling properties. Listed with an asking price of $700,000-$770,000.

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PropTrack economist Anne Flaherty says the rise in the number of suburbs with sales occurring in less than 30 days could be a sign of future house price growth.

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“Melbourne seems to be undervalued, and it’s been a city for first home buyers for a long time and with the First Home Guarantee being extended for a few months, that’s going to create a lot of competition,” Ms Flaherty said.

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Fletchers chief executive Jeremy Tyrrell said the number of places in the city recording fast sell-out times was “no surprise”.

“The work has really grown,” Mr Tyrrell said.

When a household ticks all the boxes for buyers, he said, there was a lot of competition – but it will decrease when households tick seven or eight items on their list.

129 Woods St, Newport, was the most viewed home to come up for auction this week. It also disclosed its $630,000 pre-sale fee.

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60 Thompson Rd, Upwey, hit the market on March 5. If trends hold true, the $800,000-$880,000 listing could sell well on March 20.

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Melbourne kicks off its first weekend of autumn auctions today, and Ms Flaherty said with thousands lined up for each of the next two weekends, and 500 strong this week given public holiday Monday, there was confidence among estate agents.

With the city’s approval rate hovering in the low to mid 60s, the economist said it should — though buyers will still be gunning for some bargains.

Amid ongoing questions about whether the Reserve Bank will announce a second rate hike for the year later this month, and increasing speculation about the Labor government’s plans for capital gains tax rebates and a negative investment property deal, Ms Flaherty said it could be a very good autumn for homebuyers.

256 Mt Morton Rd, Belgrave, has an asking price of $1m-$1.1m, and addresses one of Melbourne’s fastest-selling properties.

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“I think for first-time buyers and homeowners, the next few weeks are probably some of the best times of the year to look at buying,” he said.

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