By Kay Rivera
Combined, capital city homes in Australia are currently taking an average of 50 days to sell compared to 46 days at the same time a year ago, according to CoreLogic’s Quarterly Review for Q1 2018.
In Sydney, for example, Brisbane and Canberra homes are taking longer to sell than they were a year ago, up 14 days, 11 days and 18 days respectively.
Regardless of a seasonal spike, the typical days on market is recorded at 43 days in Sydney, 30 days in Melbourne, 73 days in Brisbane, 62 days in Adelaide, 74 days in Perth, 28 days in Hobart, 82 days in Darwin and 56 days in Canberra. However, in the past year, the number of typical days has been reduced except for Melbourne which remains the same. Adelaide was lessened by 1 day, Perth by 6 days, Hobart by 27 days and Darwin by 15 days.
This slowdown comes with the news of discounting levels continuously dropping over the few months.
“The current level of discounting across the individual capital cities is recorded at: 5.3% in Sydney, 4.5% in Melbourne, 5.1% in Brisbane, 6.0% in Adelaide, 8.2% in Perth, 5.2% in Hobart, 11.0% in Darwin and 4.0% in Canberra,” CoreLogic said.
Those who sold their homes below the initial list price are currently being discounted by 5.7%.