Homes in Australia’s two biggest housing markets – Sydney and Melbourne – are selling at their fastest pace on record, new data reveals.
An analysis by CoreLogic
RP Data shows that homes in Sydney are selling after just 26 days on the market, while homes in Melbourne are selling after 32 days. However, it is important to note that these figures are focussed solely on private treaty sales and don't include properties sold at auction.
At a suburb level, the data to April also highlights a rapid rate of sale across certain capital city suburbs. For houses, CoreLogic RP Data research analyst Cameron Kusher
says Acacia Gardens in Sydney has the quickest rate of sale at just 16 days.
“Of note is that in most cities it is either the more affordable of 'middle' priced suburbs where the rate of sale is quickest. It reflects the fact that those areas with the largest pool of buyers are typically going to achieve sales quicker,” he said.
Across the unit market, it was again a suburb of Sydney that recorded the shortest time on market, with units in Constitution Hill remaining on the market for around 9 days only.
According to Kusher, it is worth noting that Sydney units tend to have a much shorter average time on the market than all other capital cities, with a majority of sales in the inner and middle-ring suburbs carrying established, rather than newer unit stock.
Kusher also doesn’t expect demand to slow down any time soon.
“As home values continue to rise and interest rates remain low, it is reasonable to expect that homes will continue to sell relatively quickly over the coming months. We're seeing the amount of stock for sale in most cities is now lower than at the same time last year which also tends to create a level of urgency in the market for buyers.”