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Melbourne properties sell the fastest of any capital city, according to new research by CoreLogic.
Melbourne dwellings took an average of 29 days to sell in December 2016, up from 35 days in December 2015 and four days less than the typical Sydney dwelling which takes 33 days to sell, an improvement on 39 days a year earlier.
In Brisbane, the days on market is trending higher, at 57 days in December 2016, up from 43 days a year earlier, the latest CoreLogic Property Pulse reveals.
Adelaide dwellings took 43 days to sell at the end of last year, no change from a year earlier.
The typical Perth dwelling took 65 days to sell at the end of 2016, compared to 58 days at the end of 2015.
Hobart recorded a large fall in the days on market, reducing from 47 days in December 2015 to 35 days in December 2016.
Dwellings in Darwin took an average of 86 days to sell at the end of 2016, up from 74 days at the end of 2015.
At the end of 2015, the typical Canberra dwelling took 47 days to sell, compared to 37 days at the end of 2016.
CoreLogic’s head analyst Cameron Kusher said the findings reflect an overall improvement in housing market conditions.
“Low levels of stock available for sale and many willing purchasers continue to drive a rapid rate of sale in Sydney and Melbourne while the rate of sale is improving in most other capital cities,” Mr Kusher said.
“The days on market figure will provide a good indication of the strength of individual housing markets throughout 2017. Keep in mind that the next two months of data will show the regular seasonal spike, but thereafter the data will be much more representative of the housing market’s performance across each capital city.”
The Property Pulse figures are calculated using properties sold by private treaty, and excludes tenders and auction sales.
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