Australia has eight very different markets, data reveals

Australia has eight very different markets, data reveals

17 March 2015 by Staff Reporter 2 comments

Demand for Sydney real estate continues to soar, while agents in Darwin and Perth struggle to sell properties.

Sydney recorded an auction clearance rate of 84.0 per cent last weekend, according to APM PriceFinder. That was based on 441 sales at a median price of $1 million.

Melbourne’s clearance rate reached 79.6 per cent, with 646 sales attaining a median price of $745,000.

Brisbane had a clearance rate of 45.3 per cent, with the city recording 34 sales for a median price of $658,000.

Adelaide posted a clearance rate of 61.0 per cent off the back of 25 sales at a median price of $460,000.

Meanwhile, CoreLogic RP Data has revealed that properties are selling fastest in Sydney and slowest in Darwin.

The average time on market in Sydney is 26 days for houses and 25 days for units.

Canberra houses take an average of 32 days to sell, while Canberra units take an average of 35 days.

Melbourne’s time on market is 32 days for houses and 37 days for units.

Brisbane’s average sale process lasts 74 days for houses and 63 days for units.

Adelaide is almost identical, with houses taking 75 days to sell and units taking 64 days.

Sales in Hobart take 69 days for houses and 79 days for units.

Properties are significantly harder to sell in Perth, with houses taking 83 days and units taking 82 days.

The Darwin market is even weaker, with house sales taking 86 days and unit sales taking 118 days.

[Related: The previous weekend’s auction results]

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