The Australian housing market may be passed its peak, with new data showing homes are taking a bit longer to sell and vendors are discounting their initial prices by a greater margin.
According to RP Data, across the combined capital cities the level of vendor discounting is recorded at -5.8% for houses and -5.6% for units. RP Data national research director Tim Lawless said both of these figures are higher compared to recent lows of -5.6% and -5.0%, respectively.
Comparing year on year, the data reveals that discounting for houses is lower than a year ago (-6%), but has increased for units (-5.5%).
Looking at time on the market, capital city housing has decreased slightly, typically taking 47 days to sell compared with 48 days last year. However, time on the market for units has increased to 45 days compared with 44 days this time last year.
Like vendor discounting, Lawless said average days on the market have increased compared with recent months, after reaching lows of 36 days for houses and 34 days for units in March this year.
But Lawless noted that although time on market and discounting levels have increased slightly over recent months, both continue to remain low on a historic basis.