Properties selling faster

Properties selling faster

Posted on Thursday, June 06 2013 at 4:26 PM

Properties across Australia are selling faster, with April sales results from RP Data Property Pulse showing a sharp drop in the time properties spend on the market compared to this time last year.

Most capital cities, apart from Brisbane and Hobart, showed a decrease
in the time a property remained on the market, from the time it was listed to
the contract date.

According to research analyst Cameron Kusher, this is reflective of
stronger housing market conditions over the first quarter of the year.

“This is a great result but we need to
question whether the current rapid pace of sale can be maintained,” he says.

“Although time on market is at quite low levels it will be interesting
to see whether or not these levels can be maintained with lower levels of new
stock coming onto the market and the recent successive monthly falls in capital
city home values. 

“On the other hand, sales volumes have been improving from a very low
base indicating that if vendors set appropriate prices on their homes, they
should be able to attract buyers and sell the home in shorter period of time,”
Kusher says.

Across the country, the average time on market for all homes is
currently recorded at 60 days and at the same time a year ago, the figure sat
at a slightly higher 67 days. 

The national average time on market for a house is currently 62 days
compared to 68 days a year ago. For units it was 61 days a year ago compared to
51 days currently. 


Time on market for capital cities:

  • Sydney – 35 days
  • Melbourne – 38 days
  • Canberra – 49 days
  • Brisbane – 72 days
  • Adelaide – 68 days
  • Hobart  – 110 days
  • Darwin and Perth – 52 days 
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