Hobart homes selling faster; Sydney lags

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Hobart was ranked the fastest selling capital city housing market for properties sold via private treaty, according to CoreLogic’s latest Property Pulse report.

Using its days on market metric (which indicates how quickly properties being offered for sale by private treaty are likely to sell), CoreLogic found that at the end of 2017, properties across Australia took 45 days to sell. Across the combined capitals, the number was 40 days.  

“Both the capital city and national measure has been reasonably steady over recent months, however, the days on the market figure for each region was slightly lower a year earlier. In December 2016 it typically took 44 days to sell a property across the nation and 37 days across the combined capital cities,” CoreLogic said.

The changes were more pronounced across the individual capitals:

Sydney, NSW

The typical home offered by private treaty took 42 days to sell in December 2017, up from 34 days in December 2016. The 42 days it took to sell in December was the longest time on market since May 2016, and is up from the recent low of 29 days in February 2017.

Overall, the city has experienced a prolonged downturn, hitting five straight months of declining home prices in February.

Melbourne, VIC

Homes typically take 33 days to sell, which is up from 29 days towards the end of 2016. The 29 days at the end of 2016 was also a recent low in days on market for Melbourne.

Brisbane, QLD

It took 53 days to sell a typical home in Brisbane in December 2017, an increase from 47 days in December 2016. “The days on market figure has been trending higher since reaching a recent low of 43 days in March 2017,” CoreLogic said.

Adelaide, SA

Properties took 41 days to sell in December 2017, down from 43 days in December 2016.

Perth, WA

The city has experienced a consistent decline in the days on market figure over the past year, dropping from 58 days to 53 days. After peaking at 75 days in August 2017, there’s been a sharp fall over recent months.

There have been other signs of recovery in the Perth property market, with the December quarter showing improvements in median prices, sales activity, listing levels, and average selling days, according to the Real Estate Institute of Western Australia (REIWA).

Hobart, TAS

Properties took 33 days to sell in December—a day less than a year ago. Homes have been selling quickly in Hobart over the past two years due to accelerating value growth.

Propertyology has forecasted price growth in the Tasmanian capital to push past 20% this year, well above the best years produced by Sydney and Melbourne during the boom years.

Darwin, NT

The days on market figure for Darwin in December 2017 was 75 days. This is substantially lower than the 88 days recorded in December 2016, and well down on the recent peak of 119 days in March 2017.

Canberra, ACT

The typical home took 42 days to sell via private treaty in December 2017, slightly more than it did a year ago at 39 days.

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