One of the most crucial property indicators is days on market, or the average time it takes properties to sell, and the way this indicator has bounced around over the past year reflects the ups and downs of the housing market.
As noted by Ray White Group Chief Economist Nerida Conisbee, days on market across Australia fell to an historical low of just 22 days in June 2022, reflecting positive market conditions in many parts of the country. In the following months, as housing sentiment declined, days on market increased, and recently reached 31 days.
“With price growth back on the move, it’s likely that this will soon start to decline again. In the meantime, there are many suburbs that have homes already selling a lot quicker than last year,” Ms Conisbee said.
Two suburbs where properties are selling a lot faster than last year are the neighbouring suburbs of Blakehurst and Penshurst in the south, according to Ms Conisbee. Not coincidentally, prices have also risen in both suburbs: Blakehurst’s median price is up 15.0% year-on-year and Penshurt’s 1.7%.
Days on market have fallen by 35 days in the premium beachside suburb of Albert Park. Prices are only marginally higher than the year before, but are expected to rise further.
Ms Conisbee said Brisbane’s more affordable suburbs are enjoying the lowest days on market. In Ipswich, properties are selling 14 days faster than the year before.
Midvale and Hillman are two suburbs where days on market have significantly fallen over the past year, and both are “very affordable” locations with median prices “well below $400,000”.
“Adelaide house prices are almost back to where they were at the peak last year and two premium suburbs [Walkerville and Unley] are now selling a lot quicker already,” Ms Conisbee said. In more affordable Plympton, homes are selling 22 days faster than the year before.
Hobart is the exception to the rule, as there are no suburbs where properties are selling faster than the same time in 2022. “However with price growth again occurring in this city, homes will start to sell a lot quicker for the remainder of the year,” Ms Conisbee said.
Strathnairn, Coombs and Throsby have all experienced sharp declines in days on market over the past year.
Ms Conisbee said Darwin was the first capital city to return to its 2022 price peak during the 2023 recovery. “Houses in Woodroffe are now selling 32 days quicker than last year, while Rapid Creek houses are selling 18 days quicker,” she added.
In an increasingly competitive market, it’s a good idea to get a pre-approval before you start searching for a property. This can help you to bid with confidence and show vendors you are a serious buyer.
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