Days On Market

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<p>Over recent months the average number of days it takes to sell a residential property has been falling, reflecting the overall improvement in housing market conditions.</p>
<p>The average days on market figure provides valuable insight into the performance of the housing market.  The figure measures the average difference between the date at which a property is listed for sale and the day at which it goes under contract. The figure is only calculated across those properties that sold by private treaty, excluding tenders and auction sales.  When homes are selling quicker it points to stronger buyer demand and vice versa.</p>
<p>Across the combined capital cities, it took an average of 38 days to sell a home in December 2016. This figure was lower than the 41 days a year earlier and is down from high throughout 2016 of 50 days in August 2016. </p>
<p>Four of the eight capital cities now have an average days on market figure below 40 days while most of the other capital cities are now seeing the days on market figure starting to trend lower.</p>
<p><a href="https://www.propertyobserver.com.au/images/2017/02/14/Screen%20Shot%202017-02-14%20at%208.41.37%20AM.png" target="_blank">Click to enlarge</a></p>
<p><img src="https://www.urban.com.au/images/2017/02/14/Screen%20Shot%202017-02-14%20at%208.41.37%20AM.png" alt=""></p>
<p>The typical Sydney dwelling sold after an average of 33 days in December 2016 compared to 39 days in December 2015.</p>
<p>Melbourne dwellings took an average of 35 days to sell in December 2015 with the figure falling to an historic low of 29 days at the end of 2016. </p>
<p><a href="https://www.propertyobserver.com.au/images/2017/02/14/Screen%20Shot%202017-02-14%20at%208.43.15%20AM.png" target="_blank">Click to enlarge</a></p>
<p><img src="https://www.urban.com.au/images/2017/02/14/Screen%20Shot%202017-02-14%20at%208.43.15%20AM.png" alt=""></p>
<p>Dwellings were taking an average of 57 days to sell at the end of 2016 in Brisbane compared to 43 days a year earlier.  Brisbane is only city in which the days on market figure has trended higher.</p>
<p>Adelaide dwellings were taking 43 days to sell at the end of last year, which is as long as they were taking a year earlier however, the days on market figure has fallen over recent months.</p>
<p><a href="https://www.propertyobserver.com.au/images/2017/02/14/Screen%20Shot%202017-02-14%20at%208.44.20%20AM.png" target="_blank">Click to enlarge</a></p>
<p><img src="https://www.urban.com.au/images/2017/02/14/Screen%20Shot%202017-02-14%20at%208.44.20%20AM.png" alt=""> </p>
<p>The typical Perth dwelling was taking 65 days to sell at the end of 2016 compared to 58 days at the end of 2015 however, the days on market figure has reduced over the past few months.</p>
<p>Hobart has recorded a large fall in the days on market figure over the past year, reducing from 47 days in December 2015 to 35 days in December 2016.</p>
<p><a href="https://www.propertyobserver.com.au/images/2017/02/14/Screen%20Shot%202017-02-14%20at%208.45.17%20AM.png" target="_blank">Click to enlarge</a></p>
<p><img src="https://www.urban.com.au/images/2017/02/14/Screen%20Shot%202017-02-14%20at%208.45.17%20AM.png" alt=""></p>
<p>Dwellings in Darwin were taking an average of 86 days to sell at the end of 2016, up from 74 days at the end of 2015 however, over recent months the figure has begun to fall.</p>
<p>At the end of 2015, the typical Canberra dwelling was taking 47 days to sell compared to 37 days at the end of 2016.</p>
<p><a href="https://www.propertyobserver.com.au/images/2017/02/14/Screen%20Shot%202017-02-14%20at%208.46.13%20AM.png" target="_blank">Click to enlarge</a></p>
<p><img src="https://www.urban.com.au/images/2017/02/14/Screen%20Shot%202017-02-14%20at%208.46.13%20AM.png" alt=""></p>
<p>The days on market figures will be important to follow throughout 2017.  After 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 purchases continue to drive a rapid rate of sale in Sydney and Melbourne while the rate of sale is improving in most other capital cities. </p>
<p>The days on market figure will provide a good indication of the strength of individual housing markets throughout 2017.  Keep in mind that the next two months of data (January and February) will show the regular seasonal spike but thereafter the data will be much more representative of the housing market’s performance across each capital city.</p>
<p class="p1"><span class="s1"><em>Cameron Kusher is research analyst for CoreLogic. You can contact him </em><a href="https://blog.corelogic.com.au/about/"><span class="s2"><em>here</em></span></a><em>.</em></span></p>
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Melbourne properties selling the fastest of any capital city: Cameron Kusher 

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<p>Houses in Victoria are taking much less time to sell, according to latest Days on Market data from REIV.</p>
<p>The data revealed that the average Melbourne house takes 34 days to sell, down from 42 days this time last year when the housing market was still declining.</p>
<p>Outer Melbourne is the fastest-selling area in Metro Melbourne, with suburbs in the outer ring taking just 33 days to sell on average, marginally ahead of Middle Melbourne on 34 days.</p>
<p>Inner Melbourne homes are taking 41 days to sell.</p>
<p>Warranwood and Montrose in Melbourne’s East have the shortest waiting periods across Victoria, with the average property taking just 15 and 16 days to sell.</p>
<p>The biggest reduction in waiting time over the past 12 months was seen at Travancore, with the average home now spending just 42 days to sell, down from 65 in January 2019.</p>
<p>Days on Market stats remain stable in regional Victoria with a house taking 55 days to sell during January, the same as in December 2019.</p>
<p>Brown Hill and Winter Valley in Ballarat have the shortest waiting period across Regional Victoria, with the average property taking just 22 days to sell. Daylesford is close behind on 25 days. </p>
<p>The regional Victorian suburb with the greatest drop since Jan 2019 was Cohuna on the Murray River, with a home now taking 98 days to sell down from 228 last year.</p>
<p>REIV President Leah Calnan said having homes sell fast is a true sign of a strong market.</p>
<p><span style="font-size: 12.16px;">“The Melbourne real estate sector is in great shape, and eager buyers can’t wait to get into a new home", Calnan said.</span></p>
<p><span style="font-size: 12.16px;">"Demand is high, local agents are being flooded with enquiries as soon as they list a new home for sale.”</span></p>
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Victorian homes selling quicker than in previous years; REIV study

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<p><span>Line honors goes to </span><span>Australia’s </span><span>top performing capital city Hobart, according to </span>CoreLogic research analyst Cameron Kusher.</p>
<p>It had been a standout performer with the strongest market conditions over the past year in terms of value growth.</p>
<p>One suburb of Mornington, set 7kms from the Hobart CBD, recorded the shortest days on market for house sales in the country.</p>
<p>"In fact, the five suburbs with the shortest days on market for houses in Hobart have a shorter time on market than the fastest selling suburbs in each other capital city," Kusher noted.</p>
<p>In Sydney and Melbourne, the suburbs to record the shortest days on market figures for houses are typically located on the outskirts of the city and all hold median house values which are lower than the city-wide medians.</p>
<p>“This is reflective of much stronger demand, particularly over the second half of the year, for lower valued housing in both of these cities,” Kusher said.</p>
<p><span>In Brisbane, the fastest selling suburbs are typically reasonably close to the city centre with values only slightly higher than the city-wide median. </span></p>
<p><span>“Unlike </span><span>Sydney and Melbourne, affordability is less challenging in Brisbane and there </span><span>hasn’t </span><span>been any recent policy changes for first home buyers to boost demand at the more affordable end of the pricing range like in Sydney and Melbourne." </span></p>
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<p><span>Adelaide’s </span><span>fastest selling suburbs are typically quite close to the city centre with three of the five having median values well above the city-wide median with the remaining two suburbs (Saint </span><span>Mary’s </span><span>and Park Holme) slightly above the median. </span></p>
<p><span>Similar to Brisbane, affordability is less challenging in Adelaide rela"tive to the larger cities and buyers are likely to be viewing inner city areas offering good value."</span></p>
<p><span>In Perth, Heathbridge, one of the five suburbs listed has a median value below the city-wide median while the other four suburbs are relatively closer to the city centre and have higher values. </span></p>
<p><span>Kusher noted that housing demand was weaker across Perth since 2014, but more recently sales volumes have been improving after values have fallen by around 12% since their peak. </span></p>
<p><span>The fastest selling homes in Darwin have a longer days on market figure compared to the other capital cities; a reflection of the tough selling conditions and soft housing demand. These suburbs are all located relatively close to the city centre and all have median values above the city-wide median. </span></p>
<p><span>In Canberra, the fastest selling suburbs are generally located around the suburban fringe. </span></p>
<p><span>Charnwood and Holt have median house values which are below the city-wide median, although not substantially so. Hackett is the only suburb not within the Belconnen District of the city. </span></p>
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<p>CoreLogic's fastest selling capital city suburbs, houses, 12 months to December 2017 </p>
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<p><span>For units, Taylors Hill in Melbourne and Bellerive and Montrose, both of which are in Hobart, have the shortest days on market at just eight days. </span></p>
<p><span>In Sydney, the fastest selling suburbs for units are quite mixed, however each of the suburbs are located outside of the inner suburbs. Cherrybrook and Russell Lea have median values higher than the Sydney median. Panania is slightly below the city-wide median while the cost of units in North Gosford and Ourimbah on the Central Coast is significantly lower than the city-wide median. </span></p>
<p><span>The five fastest selling suburbs for units in Melbourne are all located in outer areas of the city. The five suburbs also have median unit values which are substantially lower than the median for Greater Melbourne, suggesting buyers are seeking out more affordable housing options. </span></p>
<p><span>Brisbane’s </span><span>suburbs with the shortest days on market for units are all located within the Brisbane council area and they all have a median value under $400,000; only Wishart and Windsor have a median value which is higher than the Greater Brisbane median. </span></p>
<p><span>Four of the five fastest selling unit markets in Adelaide have a median value which is higher than the Greater Adelaide median, suggesting demand is strong at the higher priced end of the market. Each of the five suburbs are located within close proximity to the city centre. </span></p>
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<p><span>Four of the five suburbs with the fewest days on markets for units in Perth have median values which were well above the Greater Perth median. In fact, a number of the suburbs are amongst some of the most expensive unit markets in the city sitting within some of the most prestigious suburbs. </span></p>
<p><span>Sandy Bay was the only suburb to make the list of fastest selling unit markets in Hobart with a median value above the city-wide median. Montrose is the only suburb which is not particularly close to the city centre. </span></p>
<p><span>Units are typically taking much longer to sell in Darwin than they are elsewhere. All of the fastest selling markets are reasonably close to the city centre. </span></p>
<p><span>Across Canberra, three of the five fastest selling unit markets are located within the Gungahlin district. Meanwhile, Amaroo and Page are the only suburbs that have higher median unit values than the Canberra median. </span></p>
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<p>CoreLogic's fastest selling capital city suburbs, units, 12 months to December 2017 </p>
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j.ballantyne1990-6AQqhLzZaK

The fastest selling suburbs where homes are flying off the shelves 

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<p>The median number of days on market shortened by a day to 31 days in August.</p>
<p>It sits 12 days shorter than the same time last year.</p>
<p>But according to the REIV, regional Victoria <a href="/news">time on market is increasing</a>.</p>
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Days On Market

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