The latest Property Pulse by CoreLogic analyses the time on market of the capital cities around the nation, showing on the whole that capital cities are selling on fairly steady figures; although for Australia’s biggest markets, the numbers are rising.
Using days on market as a metric to determine how fast property can sell by private treaty in an area, as of December 2017, the latest CoreLogic data shows properties took 45 days to sell nationwide and 40 days in a capital city.
These figures, the Property Pulse states, have been holding steady over the last few months, yet is higher compared to December 2016, which saw 44 days nationwide and 37 days for capital cities.
Across each of the capital cities, the Property Pulse stated there were significant changes in the days to market:
- Sydney: 42 days, up from 34 days last year
- Melbourne: 33 days, up from 29 days last year
- Brisbane: 53 days, up from 47 days last year
- Adelaide: 41 days, down from 43 days last year
- : 53 days, down from 58 days last year
- Hobart: 33 days, down from 34 days last year
- Darwin: 75 days, down from 88 days last year
- Canberra: 42 days, up from 38 days last year
The Property Pulse notes that, for the most part, these figures are only expected to rise higher.
“With dwelling values now falling in Sydney and slowing across many cities, it is reasonable to expect that, over the coming 12 months, the number of days it takes to sell a property will trend higher,” the Property Pulse states.
“In particular, this is likely to occur in Sydney (where values are already falling) and Melbourne, given that both cities have experienced rapid rates of sale and strong growth in dwelling values over recent years.
“Vendors in those cities where market conditions are softening will need to be realistic about their pricing expectations; as properties take longer to sell, buyers will be more inclined to negotiate on asking prices and vendors may face higher competition from other properties listed for sale as inventory levels rise.”
Other markets with housing value falls, with Perth being an example, are expected to have their falls dampened due to declining days to market numbers.