Time On Market

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EXPERT OBSERVER
With the national housing market moving through its down phase and buyer numbers thin on the ground, properties are taking longer to sell as vendors face stiff competition and purchasers take their time to negotiate the best possible price.
Over the three months to April 2019, the median time on market for a dwelling nationally was 60 days. As the chart shows, the typical selling time has risen significantly over recent months and is up from 35 days at the same time a year ago.
The rapid rise in time on market is symptom of higher supply (advertised stock levels across the combined capitals are at their highest level for this time of the year since 2012) and less demand (capital city settled sales are down 16% year on year).
<img src="https://www.urban.com.au/images/2019/5/23/May%2023%20CL%20pp%201.JPG" alt="">
 
Across Sydney, properties were typically taking 62 days to sell in April 2019 while in regional NSW properties were taking 76 days.
At the same time a year earlier, Sydney properties took 31 days to sell and regional NSW properties took 50 days.
As both housing markets have weakened there has been an ongoing steady increase in days on market.
<img src="https://www.urban.com.au/images/2019/5/23/May%2023%20CL%20pp%202.JPG" alt="">
Over the past three months, Melbourne dwellings have typically taken 43 days to sell compared to 27 days over the same period in 2018.
In areas outside of Melbourne, properties are typically taking 54 days to sell compared to 37 days a year ago.
Although days on market fell over the past month in Melbourne, properties are taking longer to sell than in recent years while in regional Vic there has been a recent spike in days on market.
<img src="https://www.urban.com.au/images/2019/5/23/May%2023%20CL%20pp%203.JPG" alt="">
Dwellings in Brisbane have taken 60 days to sell over the past three months while in regional Qld they have taken 77 days.
Over the same period in 2018, Brisbane dwellings were taking 34 days to sell and regional Qld dwellings took 47 days.
Although values have declined over the past year in Brisbane and regional Qld it has been a much more moderate decline than in Sydney and Melbourne.
Despite this fact, there has been a sharp spike in days on market highlighting that selling conditions have become much tougher despite values having only fallen moderately.
<img src="https://www.urban.com.au/images/2019/5/23/May%2023%20CL%20pp%204.JPG" alt="">
Properties in Adelaide are currently taking 54 days to sell compared to 45 days at the same time a year ago.
In regional SA, properties were taking 92 days compared to a slightly higher 95 days currently.
Although days on market in Adelaide is higher than a year ago, the results are a little volatile and they have been fairly steady over the past four years.
<img src="https://www.urban.com.au/images/2019/5/23/May%2023%20CL%20pp%205.JPG" alt="">
Perth properties were taking 48 days to sell a year ago compared to 62 days currently.
In regional WA, the days on the market figure is currently 76 days, slightly higher than it was a year ago (73 days).
Despite the ongoing weak housing market conditions over recent years in Perth and regional WA the days on market figure has been fairly steady.
This would seem to suggest that Perth vendors are setting appropriate initial list prices or are willing to reduce prices to meet the market.
<img src="https://www.urban.com.au/images/2019/5/23/May%2023%20CL%20pp%206.JPG" alt="">
A year ago dwellings in Hobart were typically taking 9 days to sell and in regional Tas they were taking 39 days.
As dwelling value growth has slowed over the past year, days on market has increased to 32 days in Hobart and 58 days in regional Tas.
As the housing market is expected to continue to slow over the coming months, days on market may continue to climb unless vendors adjust their price expectations appropriately.
<img src="https://www.urban.com.au/images/2019/5/23/May%2023%20CL%20pp%207.JPG" alt="">
In Darwin, properties are currently taking 77 days to sell compared to 67 days a year ago.
Regional NT results are quite volatile because of the low volume of sales however, a year ago sales were taking 75 days compared to 81 days currently.
Despite the ongoing value falls in Darwin there hasn’t been a blowout in days on market although it has recently broken its reducing trend.
<img src="https://www.urban.com.au/images/2019/5/23/May%2023%20CL%20pp%208.JPG" alt="">
The days on market figure for Canberra has started to fall over the past month but it has risen from 31 days a year ago to 52 days as the housing market has slowed.
Overall the data points to a longer period of negotiation before a sale.
This reflects the conditions of tougher finance and fewer buyers. In order to have the best chance of achieving a sale vendors should set realistic prices, maximise their marketing campaign to ensure their property stands out from the competition and be prepared to meet market expectations.
<img src="https://www.urban.com.au/images/2019/5/23/May%2023%20CL%20pp%209.JPG" alt="">
CAMERON KUSHER is the head of research for the Australian branch of CoreLogic
Kusher regularly posts on the <a href="https://www.corelogic.com.au/taxonomy/corelogic-people/cameron-kusher" target="_blank">CoreLogic website</a>.
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Buyers in control as median selling time trends higher: Cameron Kusher

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Victorian homes are being snapped up in record time: REIV

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Darwin apartment median time on market remains the greatest outlier out of any capital city, according to CoreLogic data.
As a general rule, median time on market for houses and apartment are within 20 days of each other and in some cases, Sydney Hobart and Melbourne for example, the difference in median time on market is just a single day.
Not only does Darwin stand out in that regard but listings in Darwin see the largest discount between the listed price and the sale price. Across both types of residential property the median discounted amount is above -10%.
Another outlier in CoreLogic's findings is that apartments in Melbourne see a median discount of -4.9% as compared to houses' -5.5%. There is a 0.6% difference in the median discount.
In comparison most capital cities, in particular Sydney, Brisbane and Adelaide see very minor differences, just 0.1% when comparing the discount on listing values between apartments and houses.
<img src="https://www.urban.com.au/images/2019/10/21/OCT%2021%20Median%20time%20and%20Discounting%20stats.JPG" alt="">
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Darwin apartments remain on market the longest and see the largest discounts

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Tasmania held eight of the top ten spots for localities with the shortest days on market for houses, according to the latest analysis by RiskWise Property Research.
Their research showed that the top spots were held by Lutana, a localitiy of Hobart 6km from the CBD, and Mornington, only 7km from the CBD, which both had an average of six days on market before sale for houses.
The only localities on the list that weren't from Tasmania were Shenton Park, WA which is only 4km from the Perth CBD which placed 6th with seven days on market. 
The number 10 spot which was held by Castle Cove, NSW, located 11km from the CBD houses in Castle Cove delivered a capital growth of 0.7 per cent in the past 12 months and the average time on market was 8 days for houses.
Compared to the Australian average number of days on the market which sits at 43 even houses in the tenth place were sold more than 5 times faster.
<a href="https://www.propertyobserver.com.au/subscribe" target="_blank"><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/1/Subscriber%20strip%20ad.jpg" alt=""></a>
RiskWise CEO Doron Peleg said the list was made up of high-demand postcodes.
However, he said it must be noted that while the localities in Tasmania were incredibly popular, they were not ‘the entire market’ which was still decelerating.
“However, while these reductions are not surprising given Tasmania is less affordable than five of the states and territories (in price-to-income ratio) terms, the market supply is very small, so this will continue to drive some price.”
Mr Peleg said the list highlighted the age-old saying of ‘location, location, location’ or if you don’t have that then having something else special to offer whether that is lifestyle, good schools, access to transport hubs or infrastructure.
<img src="https://www.urban.com.au/images/2019/1/10/TAS%20fasrt.JPG" alt="">
The 7009 postcode saw around 60 sales last year, ranging from a $168,000 two bedroom 1950s flat rented at $210 a week to $605,000 for a three bedroom 1960s house then rented at $570 a week.
It has around 1200 abodes.
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Tasmania had eight of the ten fastest selling localities for houses in 2018

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Properties in Melbourne’s south-west are being snapped up much faster than the same time last year, new data shows.
The latest Real Estate Institute of Victoria (REIV) report showed properties in Williams Landing sold 41 days faster this August (64 compared with 105 in 2017), while properties in the neighbouring suburb of Seabrook were on the market for 35 fewer days (down to 49 from 84).
Point Cook listings sold 19 days quicker (52 compared to 71) and the days on market for Altona shrunk 16 days down to just 32 from 48.
REIV President Richard Simpson said there is a clear trend in this region of Melbourne.
“Melbourne’s south west is becoming increasingly popular with buyers, especially young families, who are attracted by access to public transport, proximity to the CBD, plenty of green open space, shopping centres and community facilities,” Simpson said.
Tithe median house price for Point Cook and Williams Landing are both below the $840,000 median house price for metropolitan Melbourne and below the $750,000 cut off for first home buyer incentives.
The median in Point Cook increased 13.4% in the 12 months to 30 June 2018 to $706,000 while Williams Landing’s median went up by 10.6% to $685,000.
Days on market increased four days from 32 days in August 2017 to 36 days in August 2018 for metropolitan Melbourne but decreased four days, from 47 to 43, for regional Victoria.
The South Gippsland town of Lang Lang had the most significant shrinkage of days on market between August 2017 and August 2018, losing 63 days from 82 to 19.
Other strong performers were Skye, Narre Warren South, Doreen, Cranbourne East and Cranbourne West where properties lasted just 20 days on market, Simpson said.
“Private property listings do not last long in the Yarra Valley with the REIV’s Days on Market data showing that homes are snapped up within 10 days in Millgrove, 13 days in Upwey, 14 days in Woori Yallock, 15 days in Yarra Junction and Launching Place and 17 days in Warburton."
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Time on market shrinking in Melbourne's south-west: REIV

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The days on market metric provides an indication as to how quickly properties sold by private treaty are likely to sell.
The current data at a national and capital city level shows fairly steady days on market however, we are seeing diverging trends across the individual cities. 
At the end of 2017, properties sold by private treaty across the nation typically took 45 days to sell and across the combined capital cities they took 40 days to sell. Both the capital city and national measure has been reasonably steady over recent months however, the days on the market figure for each region was slightly 60 lower a year earlier. In December 2016 it typically took 44 days to 40 sell a property across the nation and 37 days across the combined 20 capital cities 
The trends are changing quite significantly across the individual capital cities. 
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Sydney
The typical home took 42 days to sell in December 2017, up from 34 days a year earlier. The 42 days it currently takes to sell is the longest time on market since May 2016 and up from its
Melbourne
Homes in the city typically take 33 days to sell which isupfrom29daysattheendof2016. The29daysattheendof 2016 was also a recent low in days on market for the city.
Brisbane
In December 2016 the typical home took 47 days to sell while a year later they were taking 53 days to sell. The days on market figure has been trending higher since reaching a recent low of 43 days in March 2017.
Adelaide
Properties currently take 41 days to sell which is down from 43 days a year earlier. The typical days on market has been falling over recent months in Adelaide.
Perth
There has been a consistent decline in the days on market figure over the past year falling from 58 days to 53 days. After recently peaking at 75 days in August 2017 there has been a sharp fall over recent months.
Hobart
Properties are currently taking 33 days to sell which is marginally lower than the 34 days a year ago. Homes have been selling quite quickly in Hobart over the past two years as value growth has accelerated. 
Darwin
The days on market figure for the city at 75 days is substantially lower than the 88 days recorded a year earlier and 100 well down on the recent peak of 119 days in March 2017. 
Canberra
At 42 days, properties are taking longer to sell currently 60 than they were a year ago when they took 39 days.
With dwelling values now falling in Sydney and slowing across many cities it is reasonable to expect that over the coming 12 months the number of days it takes to sell a property will trend higher. In particular this is likely to occur in Sydney (where valuesare already falling) and Melbourne given that both cities have experience rapid rates of sale and strong growth in dwelling values over recent years. Vendors in those cities were market conditions are softening will need to be realistic about their pricing expectations; as properties take longer to sell, buyers will be more140 inclined to negotiate on asking prices and vendors may face higher  competition from other properties listed for sale as inventory levels rise. 
On the other hand, markets such as Perth, where housing values have been falling, are now showing a reduction in total advertised stock levels and homes are starting to sell in fewer days which should help to dampen further value falls. 
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Vendors need to realise market conditions are softening: CoreLogic's Cameron Kusher

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Canberra houses are selling in just 23 days, according to recent data from CoreLogic. 
It is the fastest selling capital city.
Meanwhile, Hobart lurks just behind with an average 24 days on market, with Melbourne (28 days) and Sydney (29 days) not far behind. 
Darwin is the slowest for both its private treaty house listings and apartment listings at 76 and 114 days respectively. 
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Canberra the fastest selling capital for houses: CoreLogic

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GUEST OBSERVER
With Christmas fast approaching, more property sellers are opting for three-week auction campaigns.
This weekend’s Super Saturday auction extravaganza features a large number of properties, which are using three-week marketing campaigns, rather than the traditional four-week approach.
This is a sensible strategy given Sydney’s high clearance rates and stock levels that are lower than in previous years. These factors are encouraging more owners to act quickly before buyers lose interest, or more stock comes onto the market.
The hottest auction clearance rates were achieved in Sydney’s Inner West last weekend, with 91 percent of properties selling under the hammer.
The next best was the Northern Beaches with a clearance rate of 90.5 percent, followed by the city and the Eastern Suburbs with 90.2 percent, and the Lower North Shore with 84.4 percent.
A clearance rate above 90 percent means vendors have very a solid chance of selling in this market, and it’s this realisation, and the proximity to Christmas, which is encouraging more owners to choose a shorter, marketing campaign.
Savvy sellers also realise that some committed buyers may be willing to accept a three-week settlement, as they wish to move into their next property before the end of the year. However, once we reach the second week of December this possibility fizzles out.
Also by the middle of next month, the mindset of many buyers will start to drift away from real estate, to preparing for a Christmas visit from the in-laws, buying presents for the children and planning for the holiday season.
The higher than usual number of three week auction campaigns indicated more real estate agents are adapting to prevailing market conditions.
James Pratt is director of auctions, Raine &amp; Horne, and can be contacted <a href="https://www.raineandhorne.com.au" target="_blank">here</a>.
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Shorter auction campaigns are tempting buyers seeking a pre-Christmas property purchase

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The average time on market for private treaty listings is decreasing across most capital cities, CoreLogic says.
Melbourne and Sydney are neck and neck at 29 days with Canberra just a day slower.
Darwin's 94 days on market is the nation's slowest.
<a href="/images/2016/09/13/Screen%20Shot%202016-09-13%20at%2010.23.53%20AM.png" target="_blank">Click to enlarge</a>
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