Vendors are finding it increasingly difficult to sell their properties, new research has found.
According to the latest research from RP Data, vendor discounting levels have increased over the last 12 months as has the negotiatioVendors are finding it increasingly difficult to sell their properties with vendor discounting levels increasing over the last 12 monthsn process.
Looking at those regions in which it takes a long time to sell, the results show that premium housing has recorded some of the largest increases in the time it takes to sell, with the prestigious suburb of Mosman Park on Perth’s Swan River recording the largest increase for capital city houses of 59 days on market.
In yet another hit for Perth, units in the leafy suburb of Cottesloe are currently taking up to 160 days to sell, up by 74 days over the year.
Within the remaining capital cities, RP Data’s Cameron Kusher said it is typically unit markets within the outer suburbs that have recorded the greatest increase in time on market.
Across regional Australia, Plantagenet in south-west Western Australia has seen the greatest increase in the average time on market for houses with the average selling time increasing by 123 days over the past 12 months.
The Plantagenet council area also has the highest average selling time for houses of all Australian council areas at 235 days.
Regional areas of Western Australia, South Australia and New South Wales account for the vast majority of council areas highlighted.
The Central Coast council area on Tasmania’s northern coastline sandwiched between Burnie and Devonport recorded the greatest increase in the average time to sell for a unit over the year with units now taking 166 days.
The time it takes to sell has increased by 104 days over the past year.
Across the regional areas of the country, seven council areas in both New South Wales and Victoria have been amongst those to record the greatest increase in average time on market followed by six in South Australia.
“The inner areas of each capital city have often recorded some of the largest increases in the average selling time. This reflects the broad trend of premium housing markets recording weaker conditions than lower priced markets. In regional areas, although coastal markets have been the weakest performers in terms of value growth, these markets have generally been underperforming for some time and in many instances have not recorded a substantial increase in time on market over the past year,” he said.