- The trend may soon reverse with prices on the rise
- Some suburbs have already seen days on market halved
- Units currently take longer to sell than houses
Houses have been a harder sell, lately, with days on market floating around 31, according to Ray White Group Chief Economist Nerida Conisbee. That figure is up from historical lows observed in June last year of 22, with the pace expected to pick up again soon.
Market to speed up?
Days on market could be pushed down again as Australian real estate turns a corner.
“With price growth back on the move, it’s likely that this will soon start to decline again. In the meantime, there are many suburbs that have homes already selling a lot quicker than last year,” said Conisbee.
Units are also taking longer to shift than houses, at present, but that wasn’t always the case.
Median days on market by property type
Halving the time on market
Several suburbs across the nation have not just turned a corner, but have done a complete U-turn.
While some suburbs saw days on market some 60 and above last year, that has been halved this year.
Several Perth suburbs witnessed a tremendous change, with Midvale going from 56 days on market to 32, and Hillman seeing a dramatic shift from 23 days to 8 days.
“Perth’s median price will be back to where it was at the 2022 peak in the next couple of months. The two suburbs that are now selling a lot quicker are very affordable. Midvale and Hillman have medians well below $400,000,” said Conisbee.
Change in median days on market – top 3 by capital city
| City | Suburb | Median sale price ($) | Days on market 2022 | Days on market 2023 |
|---|---|---|---|---|
| Adelaide | Walkerville | $1,802,500 | 67 | 30 |
| Adelaide | Unley | $1,475,000 | 69 | 33 |
| Adelaide | Plympton | $851,000 | 44 | 22 |
| Brisbane | Ipswich | $510,000 | 37 | 23 |
| Brisbane | Coochiemudlo Island | $467,500 | 46 | 33 |
| Brisbane | Park Ridge | $645,000 | 34 | 22 |
| Canberra | Strathnairn | $974,000 | 112 | 48 |
| Canberra | Coombs | $1,380,000 | 66 | 44 |
| Canberra | Throsby | $1,170,000 | 71 | 53 |
| Darwin | Woodroffe | $450,000 | 74 | 42 |
| Darwin | Rapid Creek | $785,000 | 64 | 46 |
| Darwin | Lyons | $755,000 | 50 | 36 |
| Melbourne | Albert Park | $2,420,000 | 59 | 25 |
| Melbourne | Abbotsford | $1,312,500 | 58 | 25 |
| Melbourne | Collingwood | $1,302,000 | 59 | 28 |
| Perth | Midvale | $385,000 | 56 | 32 |
| Perth | Hillman | $372,500 | 23 | 8 |
| Perth | Waterford | $1,200,000 | 40 | 26 |
| Sydney | Blakehurst | $2,457,500 | 89 | 42 |
| Sydney | Penshurst | $1,700,000 | 68 | 36 |
| Sydney | Cabramatta West | $905,000 | 55 | 26 |
Source: Ray White, CoreLogic.
“It was hard to sell homes in Strathnairn in Canberra 12 months ago but that has dramatically turned around. It’s still taking 48 days on average but it’s a lot quicker than the three months last year. Houses in Coombs and Throsby are also selling a lot quicker,” said Conisbee
It was also observed that Adelaide house prices are almost back to where they were at the peak last year and two premium suburbs are now selling a lot quicker already.
“Darwin was the first city to hit its 2022 peak after having experienced a very mild downturn. Houses in Woodroffe are now selling 32 days quicker than last year, while Rapid Creek houses are selling 18 days quicker.”
Hobart saw no entrants to the list, owing to the fact that no suburbs were selling faster this year than last.
Some of the significant drops in days on market were in Blakehurst, with the postcode 2221 (including Blakehurst) only seeing some 70 properties listed, according to the latest SQM Research data.
Total property listings for 2221, including Blakehurst
Melbourne’s Albert Park saw days on market tumble by over 50%, with only 39 listed properties.
Total property listings for 3206, including Albert Park
Prices for some of these suburbs aren’t for the budget conscious either. Adelaide’s Walkerville recorded weekly asking prices above $1 million, and medians well north of the million dollar mark.
Weekly asking property prices for 5081, including Walkerville.
