If you’re thinking of selling property soon, you won’t have to wait long to find a buyer.
And, if you live in Melbourne or Sydney, the strongest property markets in the country, you may only have to wait a month to do so.
Supply is short and demand is strong, leading to both astronomical prices being paid in some areas and quickly too.
According to the latest Property Pulse Report by CoreLogic on Thursday, the average time to sell a property in Australia from listing was just 38 days in December, down from 50 days just five months earlier.
Just flying off the shelves, and coinciding with a period of increased investor activity based on figures released by both the ABS and RBA in recent months.
By state capital, sales in Melbourne took just 29 days — the lowest level on record — while those in Sydney took a little longer, selling after 33 days on average.
Elsewhere, sales in Hobart and Adelaide took just 35 days and 43 days respectively.
However, in other markets, sales took considerably longer, reflecting not only local economic conditions but also pockets of oversupply.
In Brisbane, where many believe there’s now an inner city apartment glut, sales took 57 days on average, up from 43 days a year earlier.
And, while lower than in late 2015, sales in Perth and Darwin — capitals most exposed to the fortunes of the mining boom — the average period to sell was 65 days and 86 days respectively.
Here’s the trend in average sales time by individual capital over the past six years:
Cameron Kusher, head research analyst at CoreLogic, said the reduction in the average selling times reflects an overall improvement in housing market conditions late last year.
“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,” he says.
He also says the metric will prove useful for both prospective sellers and buyers to follow in the year ahead to gauge underlying strength in individual markets.
“The days on market figure will provide a good indication of the strength of individual housing markets throughout 2017,” Kusher says.
“Keep in mind that the next two months of data (January and February) 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 figures used reflect the average difference between the date at which a property is listed for sale and the day at which it goes under contract, and is only for properties sold by private treaty, excluding any via tender and auction.