Australian homes are being snapped up at a rapid rate, with the time on market for properties in the nation’s largest markets around record lows.
December figures released by CoreLogic today highlight that Melbourne properties took an average 29 days to sell, the lowest on record and well below the 35-day figure recorded a year prior.
Sydney, too, drew quick action from buyers, with the average number of days on market for the typical dwelling dropping from 39 to 33 days between December 2015 and December 2016.
The numbers marry with reports of low stock on offer through a sustained boom in the country’s two biggest housing markets, with prices rising given robust demand and soft supply.
It is a different story across the nation, with mixed readings among the other state and territory capitals.
Hobart recorded a time on market reading of 35 days in December 2016, down 12 days from the year prior, while Adelaide remained at 43 days and Canberra improved 10 days to 37 days.
In contrast, time on market in Brisbane jumped from 43 to 57 days, the average time to sell climbed seven days to 65 days in Perth and time on market in Darwin rose 12 days to 86 days.
The analysis also revealed the country’s property market ended 2016 on a very positive note, with an improving trend in days on market for all capitals aside from Brisbane through the December quarter.
Overall, the average time on market for an Australian home fell from 41 days to 38 days over the 12 months to December 31, with the strong end to the year seeing a swift slide from the 2016 peak of 50 days in August.
“The days on market figures will be important to follow throughout 2017,” CoreLogic head analyst Cameron Kusher said.
“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 purchasers continue to drive a rapid rate of sale in Sydney and Melbourne, while the rate of sale is improving in most other capital cities.”
This article was originally published by DANIEL PALMER on the 9 Feb 2017 via theaustralian.com.au