Changing days-on-market trend deals buyers and sellers upper hand

While the average days on market have gone up compared to this time last year, the expert pointed out the unique market dynamics shaping the market in 2021. 

“[We] need to remember that there was extraordinary demand last year, creating high levels of competition and pushing down days on market. 

“While increasing interest rates and inflation have tempered demand, the current days on market are still lower than the previous five-year average for this time of year (apart from houses in Hobart),” Dr Powell said. 

For sellers, the expert said that a sale could be expected “provided they are meeting market price expectations”.

The latest data from Domain showed houses in Sydney, Melbourne, Canberra and Hobart are not selling as quickly now as they did in October last year, allowing buyers more time to weigh up their decision and determine if their prospective purchase is a “good fit”.  

In the NSW capital, houses are staying on the market for 54 days on average, an increase from the 36 days median in October last year. 

The Victorian capital is seeing the same market trend, with the city’s houses being snapped up after 56 days on average, up from 49 days in the same period last year. 

In October 2021, houses in the ACT capital took an average of 33 days before being taken off the market as a result of a sale. However, houses in the city are now taking a longer time before being swooped, with days on market now averaging 51. 

Hobart is also giving more buyers an opportunity to mull over their options, as houses in the Tasmanian capital are now taking an average of 50 days to sell — a significant increase from the snappy 18 days on market from October last year. 

But, Domain pointed out that the trend is not uniform in all cities. For example, house listings in Brisbane, Adelaide, Darwin and Perth are now changing hands at a more rapid rate than 12 months ago.

The trend on days on market also differs with the property type. For units, listing periods have been stretched for Hobart, Melbourne, Perth and Sydney, while Canberra, Adelaide, Brisbane and Darwin units are changing owners faster than in October 2021.

Suburbs with longer days on market for buyers 

According to Domain, the following areas are staying on the market for longer, giving buyers more time to weigh up their decision and indicating lower competition. 

NSW

Units: Sydney inner city, Parramatta, Canterbury, Ryde – Hunter Hills, and Canada Bay 

Houses: Snowy Mountains, Pittwater, South Coast, and Shoalhaven 

Victoria

Houses: Maribyrnong, Melbourne City 

Units: Maribyrnong, Essendon, and Brunswick

Queensland

Houses: Port Douglas – Daintree, Whitsunday, and Gold Coast Hinterland

Units: Noosa

Western Australia 

Houses: Wheat Belt, Esperance, Mid West and East Pilbara

South Australia

Dwellings (houses and units): Walkerville, Adelaide City 

ACT 

Houses: North Canberra, Woden Valley and Tuggeranong  

Tasmania 

Dwellings: West Coast, North Coast and South-East Coast. 

Suburbs with shorter days on market for sellers 

Domain’s report noted that the following areas with shorter days on market could also present a good opportunity for those looking to offload their property, as it presents a strong chance of selling quickly in the current market: 

NSW

Houses: Camden, Penrith, Campbelltown, Marrickville and Petersham 

Victoria

Houses: Mildura, Casey – North, Cardinia, Frankston and Knox

Queensland 

Dwellings: Wynnum – Manly, Bald Hills – Everton Park, Sunnybank, The Gap – Enoggera, Rocklea – Acacia Ridge

Western Australia 

Houses: Joondalup, Kwinana, Serpentine - Jarrahdale, Rockingham, Wanneroo 

South Australia 

Dwellings: Onkaparinga, Tea Tree Gully, Marion, and West Torrens

ACT

Dwellings: Weston Creek, Woden Valley, Belconnen and Tuggeranong 

Tasmania

Dwellings: North East, North West, Inner Hobart, Sorell – Dodges Ferry, and Launceston.