Melbourne properties selling fast
Melbourne properties are selling quicker than properties in any other capital city, new research has revealed.
Figures from CoreLogic show the average number of days it takes to sell a residential property has been falling across the country. Across all capital cities, it takes an average of 38 days to sell a home as of December 2016. The figure fell from 41 days a year earlier, and the 2016 high of 50 days reached in August.
Melbourne properties spent the shortest time on market, at an average of 29 days. The number was a record low for the city, and was down from 35 days in December 2015.
Sydney dwellings took an average of 33 days to sell, compared to 39 a year earlier. Darwin properties took the longest to sell, at 86 days. While this was up from 74 days at the end of 2015, CoreLogic said the figure had begun to fall over recent months.
“The days on market figures will be important to follow throughout 2017. After the current growth phase has run for more than four and a half years, we are still seeing a rapid rate of sale in Sydney and Melbourne. Low levels of stock available for sale and many willing purchases continue to drive a rapid rate of sale in Sydney and Melbourne while the rate of sale is improving in most other capital cities,” CoreLogic researcher Cameron Kusher said.