Properties are taking longer to sell in the current market, according to the latest CoreLogic Property Pulse, as sellers face increased competition and stalling buyers continue to negotiate the best possible prices.
Corelogic research analyst Cameron Kusher said that in strong markets, properties typically sell quickly while in weaker markets properties tend to take longer to sell.
“Over the three months to April 2019, the median time on market for a dwelling nationally was 60 days,” he said.
“The typical selling time has risen significantly over recent months and is up from 35 days at the same time a year ago. The rapid rise in time on market is symptom of higher supply and less demand.”
Mr Kusher said that, across Sydney, properties are taking 62 days to sell, while in regional NSW they are taking 76 days.
“At the same time a year earlier, Sydney properties took 31 days to sell and regional NSW properties took 50 days.”
He said that Melbourne dwellings have typically taken 43 days to sell over the last three months, compared to 27 days over the same period in 2018.
In Brisbane, dwellings have taken 60 days to sell over the past three months while in regional Queensland they have taken 77 days.
“Over the same period in 2018, Brisbane dwellings were taking 34 days to sell and regional Queensland dwellings took 47 days.
“Properties in Adelaide are currently taking 54 days to sell compared to 45 days at the same time a year ago. In regional SA, properties were taking 92 days compared to a slightly higher 95 days currently.”
Mr Kusher said that in Perth properties were taking 48 days to sell a year ago, compared to 62 days currently.
“In regional WA, the days on the market figure is currently 76 days, slightly higher than it was a year ago at 73 days. Despite the ongoing weak housing market conditions over recent years in Perth and regional WA, the days on market figure has been fairly steady. This would seem to suggest that Perth vendors are setting appropriate initial list prices or are willing to reduce prices to meet the market.”
He said that a year ago dwellings in Hobart were typically taking only nine days to sell and in regional Tasmania they were taking 39 days.
But as dwelling value growth has slowed over the past year, days on market has increased to 32 days in Hobart and 58 days in regional Tasmania.
“In Darwin, properties are currently taking 77 days to sell compared to 67 days a year ago. Regional NT results are quite volatile because of the low volume of sales however, a year ago sales were taking 75 days compared to 81 days currently.
“Despite the ongoing value falls in Darwin there hasn’t been a blowout in days on market although it has recently broken its reducing trend.”
Mr Kusher said the days on market figure for Canberra has started to fall over the past month but it has risen from 31 days a year ago to 52 days as the housing market has slowed.