MELBOURNE houses are selling at their quickest in more than eight years, as the property market shifts into top gear.
While the auction market continues to boom - with 1048 homes set to go under the hammer this weekend - figures from RP Data show private sales are also flourishing. Private sales account for about 75 per cent of the market.
The average Melbourne house took just 43 days to sell at private sale in September, down from 57 days at the same time last year.
Private sales are at their most rapid since March 2005, when houses spent an average 37 days on the market.
RP Data Victorian housing market expert Robert Larocca said not only were houses selling more swiftly, but more were selling.
RP Data figures show more than 9300 homes were newly listed for sale in the month to November 3, up 5.2 per cent on the same time last year.
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But the overall number of homes on the market was down 9.3 per cent on last year to a total of 36,349.
Mr Larocca said the higher turnover was a good sign.
"People concentrate on price, but the bigger issue for the health of the property market is the number of transactions and they are clearly improving," he said.
Croydon Hills has Melbourne's quickest selling houses, taking an average 23 days to sell, followed by Bayswater North, 33 days, and Tecoma and Kilsyth South, both 36 days.
And the speedy Croydon Hills market wasted no time on Ron Copley's Billabong Close home. A couple buying their first home bought it within a week of going on the market.
"We had 18 groups come through on the first inspection, the offer came through on the following Wednesday, and it was signed up and sold on the Thursday," he said.
"It was on the market for $450,000 plus, and sold for $510,000."
Mr Copley, 78, is moving to Ringwood North to be closer to his daughter Michele Bethune, said he was delighted with the outcome.
Mr Copley's selling agent, Donna Walpole from Hocking Stuart Ringwood, said part of the areas strength are its down-to-earth, realistic residents.
"The vendors tend to be realistic. They watch what's selling and know what price to expect," she said.
TOP SELLERS
CROYDON HILLS
BAYSWATER NORTH
TECOMA
KILSYTH SOUTH
WATSONIA NORTH
BRIAR HILL
THE BASIN
ST HELENA
CREMORNE
SCORESBY
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