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Selling days provide a good indicator of the health of the housing market and could tell whether conditions present opportunities for buyers or for sellers, says an expert.

Domain chief of research and economics Nicola Powell said the unique market dynamics over the past year have led to days-on-market going up, this does not mean, however, that there is a blanket situation across all markets in Australia.

“We need to remember that there was extraordinary demand last year, creating high levels of competition and pushing down days-on-market,” she said.

“While increasing interest rates and inflation have tempered demand, the current days on market are still lower than the previous five-year average for this time of year, apart from houses in Hobart.”

Data from Domain showed that houses in Canberra, Hobart, Melbourne, and Sydney are staying on the market longer compared to October 2021 indicating there is less buyer competition.

Days-on-market for houses and units in Australian capital markets

HOUSES

Canberra

Adelaide

Brisbane

Darwin

Hobart

Melbourne

Perth

Sydney

Oct 2019

84

111

93

168

45

79

142

83

Oct 2020

71

118

104

214

52

93

131

71

Oct 2021

33

76

53

119

18

49

69

36

Oct 2022

51

63

49

106

50

56

55

54

UNITS

Canberra

Adelaide

Brisbane

Darwin

Hobart

Melbourne

Perth

Sydney

Oct 2019

105

152

137

273

55

94

151

97

Oct 2020

114

164

138

372

55

98

147

78

Oct 2021

69

107

87

188

32

82

79

66

Oct 2022

49

74

55

125

44

86

90

72

This means that in these areas, there are a lot of opportunities for buyers to take their time and not be compelled into making a quick decision.

On the other hand, houses in Brisbane, Adelaide, Darwin and Perth have decreased in average days-on-market annually. 

Meanwhile, selling times for units increased in Hobart, Melbourne, Perth, and Sydney. Days-on-market declined in all other capital cities.

In all cities except houses in Hobart, properties are still selling much faster than they were before the pandemic.


Buyers’ and sellers’ markets based on days-on-market

State

Buyer’s markets
Suburbs with longer days-on-market

Seller’s markets

Suburbs with shorter days-on-market

New South Wales

Houses:

·         Snowy Mountains

·         Pittwater

·         South Coast

·         Shoalhaven

Units:

·         Sydney Inner City

·         Parramatta

·         Canterbury

·         Ryde - Hunter Hills

·         Canada Bay

Houses:

·         Camden

·         Penrith

·         Campbelltown

·         Marrickville

·         Petersham

Victoria

Houses:

·         Maribyrnong

·         Melbourne City

Units

·         Essendon

·         Brunswick

Houses:

·         Mildura

·         Casey – North

·         Cardinia

·         Frankston

·         Knox

Queensland

Houses:

·         Port Douglas – Daintree

·         Whitsunday

·         Gold Coast Hinterland

Units:

·         Noosa

Dwellings:

·         Wynnum – Manly

·         Bald Hills - Everton Park

·         Sunnybank

·         The Gap – Enoggera

·         Rocklea - Acacia

·         Ridge

South Australia

Dwellings:

·         Walkerville

·         Adelaide City

Dwellings:

·         Tea Tree Gully

·         Marion

·         Tea Tree Gully

·         West Torrens

Western Australia

Houses:

·         Wheat Belt

·         Esperance

·         Mid West

·         East Pilbara

Houses:

·         Joondalup

·         Kwinana

·         Serpentine – Jarrahdale

·         Rockingham

·         Wanneroo

ACT

Houses:

·         North Canberra

·         Woden Valley

·         Tuggeranong

Houses:

·         Weston Creek

·         Woden Valley

·         Belconnen

·         Tuggeranong

Tasmania

Dwellings:

·         West Coast

·         North Coast

·         South East Coast

Dwellings:

·         North East

·         North West

·         Inner Hobart

·         Sorell – Dodges

·         Ferry

·         Launceston

 

Photo by: towfiqu barbhuiya on Canva.