Buyers could find deals waiting for them as some capital city markets experience a glut of properties.
RP Data's newest Property Pulse has pointed to capital city council areas where time on market is skyrocketing as vendors find it increasingly difficult to sell their properties. Analyst Cameron Kusher said vendors now have to readjust expectations with an increase of unsold stock on the market.
"We are now seeing an increase in the amount of stock available for sale where it has risen to record highs over the year. Vendor discounting levels have increased and the negotiation process has taken longer. Subsequently, the average time on market has risen across most regions," Kusher said.
Premium housing has seen the most severe increase in time on market. Perth's prestige suburb Mosman Park experienced a 59% increase in time on market for houses, with the average house now taking 123 days to sell. Cottesloe units also have struggled to find buyers, and the average time on market has risen to 160 days.
Kusher indicated that the growing time on market could herald a good opportunity for "cashed up" buyers, as vendors are increasingly forced to discount.
Eight months to clear housing overhang
Frustrated vendors not offering new rentals