CoreLogic: Homes are selling much more quickly in Sydney and Melbourne

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Although values have been increasing for almost four-and-a-half years, homes continue to sell quite rapidly with relatively low levels of discounting from vendors, states a new report from CoreLogic.

According to Cameron Kusher, head of research at CoreLogic RP Data, the average days on market across the combined capital cities was 39 days in September 2016. At the same time a year earlier, the average days on market was slightly lower at 36 days.

Average days on market, combined capital cities

Homes have been selling much more quickly in Sydney and Melbourne than they have across the other capital cities, states the latest CoreLogic data ending in September 2016.  

Homes in Hobart and Canberra have seen fairly large falls in days on market over the past year, which aligns with accelerating value growth. In contrast, homes in Perth and Darwin have seen a significant increase in the average days on market as selling conditions toughen and values decline.    

Average days on market, individual capital cities as of September

In September 2016, the typical home which sold at a discount from its original listing price was discounted by -5.7% across the combined capital cities. In comparison, at the same time a year earlier, the typical level of discounting was -6.0%.

“The lower level of discounting is reflective of more demand and fewer homes for sale but is also likely to reflect more realistic initial listing prices from vendors.”

Average vendor discount, combined capital cities

When analysing data about the discounting levels for each capital city in September over the past 8 years, it’s clear that Sydney and Melbourne, along with Canberra, have seen low levels of discounting by vendors over recent years.

In Sydney and Melbourne, this indicates strong housing demand, which has led to many homes selling in excess of their initial list price. “Despite only moderate growth in values over recent years Canberra has consistently recorded low levels of discounting. In Perth and Darwin as the housing market has [weakened] over recent years, discounting levels have increased significantly,” Kusher noted in his report.    

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