New research has revealed that the average number of days it takes to sell a home in Australia is approaching historic lows, with two capital cities recording record short sale times.
Analysis by CoreLogic RP Data of residential property sales in April 2015 shows properties in Sydney and Melbourne are selling at their fastest rate on record.
Overall, homes in Sydney sold in 26 days, with Melbourne recording an average time of 32 days.
These figures are based on private treaty sales during the period, with sales by auction not included in the count.
When it comes to analysing individual suburbs, Sydney’s Acacia Gardens had the shortest period between the initial listing date and the contract date for all of Australia, at 16 days for houses.
For units, Sydney’s Constitution Hill returned a figure of just nine days according to the analysis – making it the fastest-selling suburb in the country.
In Melbourne, Croydon South had the fastest-selling homes and units, with an average period of 19 days and 30 days respectively.
In Brisbane, Mansfield had the fastest selling houses, with an average sales period of 31 days.
With a 24-day sales window, Herston had the fastest average sales time for units.
Darwin recorded the slowest sales period in the country for both houses and units. Wagaman was its fastest-selling suburb for houses, recording an average of 51 days.
Bayview was Darwin’s fastest selling suburb for units, with an average sale time of 66 days.
CoreLogic RP Data’s research analyst, Cameron Kusher, believes the trend of increasingly quick sales time will continue over coming months.
“As home values continue to rise and interest rates remain low, it is reasonable to expect that homes will continue to sell relatively quickly,” Mr Kusher said.
“We’re seeing the amount of stock for sale in most cities is now lower than at the same time last year, which also tends to create a level of urgency in the market for buyers.”