In the midst of the property market upswing, property across the country was selling at lightning speed, with countless reports of property sales happening within hours of being listed for sale.
Now that the market has cooled and prices have fallen from their peak, higher lending costs and dampened demand means the time it takes to sell a house has blown out.
According to Domain data, houses are taking longer to sell in every capital city in Australia (except Adelaide) with houses taking up to 29 days longer to sell than during the height of the property boom.
In Sydney, the average house is taking 48 days to sell, notably higher than the 31 days recorded during the December 2021 peak, Domain’s data reveals.
Melbourne’s current 58 days is also much higher than the 38 days recorded in December, while BRISBANE 41-day timeframe is higher versus its low point of 31 days in June this year.
In the other capital cities, Canberra is now taking 49 days, up from its lowest number of 22 in November; in Perth, it’s 54 up from June’s low of 47; in Darwin, the city has the highest number of days on market at 102 compared to June’s 100; and in Hobart, it’s now 46 days, up by the most from 17 in November and December.
Only Adelaide has bucked the trend, with its days on the market falling to 59 from July’s 62, June’s 63, and March’s 70.
But houses are still selling faster than pre-Covid
But what is interesting to note is that even though the time to sell a property has increased since the property boom, the sales period is still far shorter than the time it took to sell prior to the Covid-19 pandemic.
Domain’s data below shows that in every city except Hobart, the number of days a house sat on the market was lower in August this year than in May 2020 before the property boom.
In Sydney, the days was 48 in August 2022, down from 63 in May 2020.
In Melbourne, that number has dropped to 51, from 56 in May 2020.
In Brisbane, the timeframe is less than half, at 41 days versus 94 in May 2020
When it comes to looking at the data for the suburbs where houses are selling the fastest right now, Queensland dominates nine out of the top 10 spots on the list.
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By Brett Warren
November 8, 2022
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