Sell with Confidence
Read More
News

Time On Market At Record Low

By Rebecca Richmond

The average number of days on the market for properties in Australia is the lowest since 2010.

RP Data reports that the average time on market for capital cities are at historic lows of 38 days for houses and 35 days for units.  At the same time in 2012 the average days on market for capital city houses was 56 days and for units, 53 days.

Time on market is counted as the difference between the first advertised date of the property and the contract date once sold. It excludes properties sold at auction. Discounting is on the decline, returning to 2010 levels. In December 2013, the average discount for a capital city house was -5.7% and for a unit it was -5.5%, down from 2012 figures of -6.9% for houses and -6.3% for units.

RP Data’s analysis of sales across capital cities also found properties are selling for more. Over the final quarter of 2013 29.5% of all houses and 37.5% of all units sold for a price at or higher than their list price (up from 25.3% and 30.8% at the end of the September 2013 quarter). Senior RP Analyst Cameron Kusher says the improvement in  discounting and time on market is in step with an improving market overall.

“Property transactions have increased measurably over the past year and home values have also risen,” he said. “These conditions are reflective of the increasing level of competition for those properties available for sale and have undoubtedly contributed to the improved discounting and time on market figures.” Mr Kusher said he expects discount levels to improve further and time on market to remain competitively low for the forseeable future.

Source: www.realestate.com.au

Up to Date

Latest News

  • RECORDS TUMBLE IN FEBRUARY

    Momentum continues to build across all Australasian property markets, as the collective efforts of our members delivered $6.1 billion in sales for February, up $2 billion or 49 per cent in February 2020. This is our best February result recorded, driven largely by a record result in NSW and very … Read more

    Read Full Post

  • What to consider before buying a house to renovate

    A property described as a “fixer-upper” may present as a quick and inexpensive way to create a beautiful modern home with a little bit of TLC, but usually involves more than that. “The term fixer-upper can mean different things for different people,” says property expert, Angela Carrick, founder of Air … Read more

    Read Full Post