Houses taking longer to sell
Hobart is the nation's fastest-selling capital city, while the time it takes to sell a house in Sydney is rising.
Days on the market are rising for private treaty sales across the nation, according to new CoreLogic figures. At the end of 2017, it took an average of 45 days to sell across Australia, while it took an average of 40 days across the combined capital cities.
This figure has risen slightly from 2016, when national sales took an average of 44 days and capital city sales took an average of 37 days.
Sydney has seen its time on market rise consistently from a low base. The typical Sydney home took 42 days to sell in December 2017, up from 34 days in 2016 and a low of 29 days in February 2017. The time it takes to sell a Sydney home is now the highest since May 2016.
Hobart is the nation's fastest-selling market. Homes in the city took an average of 33 days to sell in December 2017, a marginal improvement on the 34 days they spent on the market in December 2016.
"With dwelling values now falling in Sydney and slowing across many cities, it is reasonable to expect that over the coming 12 months the number of days it takes to sell a property will trend higher," CoreLogic said in a release. "In particular, this is likely to occur in Sydney (where values are already falling) and Melbourne, given that both cities have experienced rapid rates of sale and strong growth in dwelling values over recent years. Vendors in those cities where market conditions are softening will need to be realistic about their pricing expecations, as properties take longer to sell, buyers will be more inclined to negotiate on asking prices and vendors may face higher competition from other properties listed for sale as inventory levels rise."