Where are properties selling quickest?

Where are properties selling quickest?

Posted on Friday, June 13 2014 at 12:24 PM

The latest property data shows that Sydney and Perth are recording the shortest days on market.

RP Data’s Property Pulse
report shows on average Australian houses took 80 days to sell while units were
taking 75 days over the 12 months to March 2014. For the same period in 2013,
houses took 94 days to sell and units sold in 88 days.

The cities to record the
shortest time on market for houses were Perth at 54 days and Sydney at 59 days.
At the other end of the scale, the cities recording the longest days on the
market were Hobart with 90 days and Darwin with 86 days.

According to RP Data
research analyst Cameron Kusher, the annual average time on market has generally
fallen over the year across each capital city.

“The fall in average time on
market at a national level is a clear sign the amount of sales is picking up
and sellers are becoming more empowered at the time of negotiation,” Kusher

“If there’s less scope for
negotiation and discounting, you’ll typically find that a property sells
quicker which is the scenario currently at play.”

Focusing on the unit market,
the trends are similar to those found across houses. All of the areas with the
shortest average days on market are within a capital city and all of them are
within Sydney, Melbourne or Perth.

For units, Sydney recorded
the shortest days on the market at 49 and Perth 56, while Hobart and Darwin
shared the longest days on the market at 96.

With mortgage rates tipped
to remain low for some time yet, it’s possible we could expect to see a further
reduction in average days on market.

There’s evidence which
suggests peak capital growth conditions have passed in Sydney, Melbourne and
Perth, so in 12 months’ time the list of fastest-selling council areas could
look quite different as buyers broaden their horizons and look for
opportunities outside of these centres.






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