The spring market is still well and truly active, according to RP Data’s latest market activity index.
Although RP Data’s head of property research Tim Lawless said he expects the index to dip in the weeks leading up to Christmas, current figures show properties are selling faster and vendors are having to move less on their asking price.
The average level of discounting, which measures how much negotiation is taking place in the market, fell from 7.0 percent last year to just 5.4 percent, suggesting that vendors are regaining some leverage as buyer demand increases.
The average number of days on market has also fallen considerably compared with last year. The average Australian house is now taking just 41 days to sell compared to 53 days last year.
New listings to the market have slipped below 48,000 for the first time in more than six weeks. This may be the first indication of the imminent Christmas / New Year slowdown in property transaction activity.
Total stock listings have also continued to fall indicating that the properties available on the market are continuing to sell. At the same time last year, there was 40,000 more properties listed for sale than there has been over the last month