My home has been on the market for three months. Should it have sold by now?

The hype surrounding Melbourne’s housing market may lead you to believe your home should have sold. Persistent demand is returning strong auction conditions. Leaving you wondering why you’re home failed to sell under the hammer and now languishes on the market. There are a variety of factors that need to be address to solve this conundrum.

Properties sold under the hammer tend to be transacted in an intense four-week campaign. Blink and you would miss certain sales. I hate to break it to you – a number of homes have been sold prior to auction day.

Selling by private treaty involves an entirely different time-scale. Domain data reveals a huge disparity between location and the average days on market. Houses in certain suburbs have a rate to sale significantly below Melbourne’s average of 55 days, based on private treaty sales over 12 months to the end of March.

Houses in Belgrave Heights sold as quickly as they appeared, with buyers making snap decisions in 15 days. Decisive buyers took 19 days to purchase houses in Croydon South, 22 days in Aspendale Gardens and Belgrave, and 23 days in Chelsea Heights and Frankston North.

It is important to remember not all Melbourne suburbs performed with such ferocity. Performance ranged from a mere 15 days to an average of 269 days in Werribee South.

Units in Lilydale were sold within 10 days of hitting the market, spending less time on the market than houses in Belgrave Heights. The recent announcement of the transformation of an historic site to a new residential area will afford Lilydale buyers a greater choice and more time to purchase.

In certain suburbs units spent astoundingly little time on the market compared to Melbourne’s average of 91 days. The rate to sale for units in Westmeadows sold within 18 days, Bayswater North in 19 days, Endeavour Hills in 20 days and Wantirna in 24 days. Suburb performance ranged from 10 days to a whopping average of 298 days for units in Albion.

There are myriad reasons setting suburb performance apart. Of course a large aspect is supply and demand.

There are things to consider if your home is lingering on the market. Reassess the asking price. Comparative analysis of recent sales and enlisting the help of professionals should help to determine a realistic price point.

Consider whether the marketing campaign has run out of steam. Prospective buyers need to be able to find your home with ease. A refreshed campaign could make all the difference. Check out other properties on the market that your home is competing against – some minor adjustments could make all the difference.

Remember to take off your rose-tinted glasses. Your heart and soul may be in your current home but you need to have a well thought-out strategy to sell quickly.