Revealed: 20 suburbs most affected by the property market slowdown

The property market slowdown continues to see dampened confidence among buyers and sellers, with some markets even recording longer days-on-market even with the supposed spring-selling season already in full effect.

A study by Openn revealed the 20 most affected suburbs amid the current cooling conditions. These suburbs have seen homes sell 15 days longer than three months ago.

The list consists of 13 house markets and seven unit markets — 10 of these are in Queensland.

Openn managing director Peter Gibbons said knowing how long dwellings stay on the market would be beneficial for sellers and agents as they consider pricing and sales strategy.

“The longer a property is on the market, the less buyers expect to pay,” he said.

Mr Gibbons said there are non-traditional sales options available to help speed up property sales, particularly in these slowing markets.

“In analysing five years' worth of data, encompassing properties sold in a variety of areas and market conditions, we found vendors experience a median of 22 days on market when using a digital sales method, consistently outperforming national trends,” he said.

“By allowing more buyers to participate and providing a more transparent experience, digital sales processes offer vendors a better opportunity to extract the best possible price from the market.”

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Photo by Erik Mclean on Pexels.