Capital city dwelling data looks at the average number of days it takes to sell a residential property.
This latest result is near-to the fastest rate on record and has been driven largely by record rates of sales in Sydney and Melbourne.
The data shows that homes in the capital city areas were, on average, taking 37 days to sell.
This rate of sale was close to a record low where across the two largest cities homes were selling at their fastest rate on record at 26 days in Sydney and 32 days in Melbourne.
It is important to note that these figures are focussed solely on private treaty sales and don’t include properties sold at auction.
At a suburb level, data to April also highlights a rapid rate of sale across certain capital city suburbs.
For houses, Acacia Gardens in Sydney had the quickest rate of sale at just 16 days.
Of note is that in most cities it is either the more affordable of ‘middle’ priced suburbs where the rate of sale is quickest.
It reflects the fact that those areas with the largest pool of buyers are typically going to achieve sales quicker.
Across the unit market, it was again a suburb of Sydney that recorded the shortest time on market with units in Constitution Hill remaining on the market for around 9 days only.
It’s worth noting that Sydney units tend to have a much shorter average time on the market than all other capital cities with a majority of sales in the inner and middle-ring suburbs carrying established, rather than newer unit stock.
As home values continue to rise and interest rates remain low, it is reasonable to expect that homes will continue to sell relatively quickly over the coming months.
We’re seeing the amount of stock for sale in most cities is now lower than at the same time last year which also tends to create a level of urgency in the market for buyers.
If the days on market are short it is typically indicative of a seller’s market where homes are selling rapidly and buyers have little time to ponder a purchase decision.
Alternatively, when the average selling time starts to rise, buyers will typically have more scope to deliberate their decision and negotiate on the purchase price.
Short selling times will typically coincide with rising prices and long selling times will generally see less upwards price pressures.
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