The number of days it takes to sell a property is trending downwards around most of the country, according to new data from CoreLogic, indicating buyer demand is on the rise. The only city to record an upward trend in the days taken to sell in December 2016 was Brisbane.
In December 2016, Melbourne properties sold within 29 days of listing, an historic low and a decline from 35 days for the same period in 2015.
The average Sydney home sold after an average of 33 days on the market in December 2016, compared to 39 days in December 2015.
Brisbane recorded a longer time to sell, with homes selling within 57 days of listing, compared with 43 days the previous year, and the trend is heading higher, the only city to record an upward trend.
Adelaide dwellings took an average of 43 days to sell in December 2016, an even result with the same period in 2015, but down from the times recorded mid year.
In Perth, dwellings took 65 days to sell in December 2016, compared to 58 days at the end of 2015, but the trend is moving down from results during the year.
Hobart recorded a large decline in the number of days on the market, falling from 47 days in December 2015 to 35 days in December 2016, indicating a strong uptick in buyer demand.
Dwellings in Darwin were on the market for an average of 86 days in December 2016, up from 74 days at the end of 2015, but once again the trend is moving down.
In December 2015, the typical Canberra property was taking 47 days to sell, compared to 37 days at the end of 2016.
CoreLogic head analyst Cameron Kusher said that over recent months the average number of days it takes to sell a residential property has been falling, reflecting an overall improvement in housing market conditions.
In December 2016, it took on average 38 days to sell a home in Australia’s capital cities. This figure compared with 41 days in December 2015, and is down from the high of 50 days in August 2016.
Kusher said the number of days on the market is a key indicator of the strength of the property market.
"The current growth phase has run for more than four and a half years, we are still seeing a rapid rate of sale in Sydney and Melbourne. Low levels of stock available for sale and many willing purchasers continue to drive a rapid rate of sale in Sydney and Melbourne while the rate of sale is improving in most other capital cities.”
The data only includes sales by private treaty.
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