The time it takes to sell a property is a key indicator of the health of the real estate market. According to the latest data from CoreLogic, properties listed for sale across Australia during the July quarter took a median of 33 days to sell. This figure varies significantly depending on the location, with properties in the combined capitals selling faster (28 days) compared to those in the combined regions (44 days).
Days on Market: A Measure of Market Strength
Days on market (DOM) is an essential metric in real estate, reflecting the level of buyer competition and the pace of price growth. Generally, the fewer days a property spends on the market, the more competitive the market is, and the stronger the upward pressure on prices.
Fastest-Selling Markets
The Perth property market is currently experiencing a boom, which is evident in the astonishingly low median DOM of just 10 days. This rapid turnaround time indicates a hot market with strong buyer demand and quick sales.
Brisbane and Adelaide are also enjoying robust property markets, with median DOM of 20 days and 28 days, respectively. These cities have been seeing consistent price growth, further fueled by the competitive buying environment.
Slower Markets in Major Cities
In contrast, the property markets in Sydney, Melbourne, and Canberra are showing signs of cooling, with properties taking longer to sell. Sydney’s median DOM is 34 days, Melbourne’s is 39 days, and Canberra’s is 49 days. The extended time on market in these cities suggests a more balanced market with less urgency among buyers.
Markets Facing Challenges
The slowest markets in Australia right now are Darwin and Hobart, where properties are taking the longest to sell. In Darwin, the median DOM is 50.5 days, while in Hobart, it’s 54.5 days. Both cities are currently experiencing price declines, which is likely contributing to the extended selling periods.
Conclusion:
The number of days a property spends on the market is a telling indicator of the real estate landscape. In cities like Perth, Brisbane, and Adelaide, properties are selling quickly, driven by strong buyer demand and rising prices. Conversely, markets in Sydney, Melbourne, and Canberra are seeing slower sales, reflecting more balanced conditions. Darwin and Hobart, where prices are falling, are facing the longest selling periods.
Understanding the dynamics of days on market can provide valuable insights for both buyers and sellers as they navigate the current property market.
