Buyers in the Driver’s Seat in Current Property Market
The average number of days on market has edged upwards as the housing sector weakens, reflecting tougher finance conditions, fewer buyers and a longer period of negotiation before vendors achieve a sale.
But with the federal election now behind us, what will be interesting is seeing how the flow on effects impact on consumer sentiment.
For now, Corelogic research analyst Cameron Kusher says current conditions still see buyers’ in the driver’s seat.
“The rise in time on market is a symptom of higher supply, with advertised stock levels across the combined capitals are at their highest level for this time of the year since 2012, and lower demand reflected in capital city settled sales down 16 per cent year-on-year,” Kusher said.
Across Sydney, properties were typically taking 62 days to sell in April this year, 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,” Kusher said.
Over the past three months, Kusher says Melbourne dwellings have typically taken 43 days to sell compared to 27 days over the same period in 2018.
“Although days on market fell over the past month in Melbourne, properties are taking longer to sell than in recent years while in regional Victoria there has been a recent spike in days on market,” Kusher said.
Over the past three months, Brisbane dwellings are typically spending an average of 60 days on the market, in comparison to 34 days for the same period last year.
While in regional Queensland time on market has increased to 77 days, up from 47 days.
“Although values have declined over the past year in Brisbane and regional Queensland it has been a much more moderate decline than in Sydney and Melbourne,” Kusher said.
“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.”
Adelaide properties currently take 54 days to sell, up from 45 days for the same period a year ago.
Canberra’s days on the market has risen from 31 days a year ago to 52 days. Perth properties typically take 62 days to sell, up from 48 days.
And Hobart’s hot market typically takes 32 days, up from nine days to sell this time a year ago.
While Darwin properties currently spend 77 days on the market, compared with 67 days a year ago.
