Vendors in Melbourne are selling their properties quicker than any other state, according to a new report by RP Data.
On average, houses in Melbourne take just 31 days to sell, while units were selling within 27 days. Vendors in Canberra sell their houses in just 28 days. However, the same cannot be said for units which take an average of 44.5 days to sell.
Sydney houses were also snapped up fairly quickly. It only takes 34 days on average for sellers to offload their houses and 31 days for units.
Darwin is probably the worst place to sell a property right now with houses taking as long as 77.5 days to be sold. Units are also slow to sell - vendors take an average of 69 days before they can offload their unit.
Although quick sales rates are a major benefit for those attempting to offload property, slow clearance rates can be an even greater advantage for savvy buyers looking to bargain down purchase prices.
Cameron Kusher, research analyst at RP Data, said that as the time on market increases, vendors are forced to raise their level of discounting in order to sell their property - creating greater opportunities for investors.
"As properties sit on the market for a longer period, prospective buyers become aware that they have been available for sale for a long time. Therefore potential buyers become less negotiable on their price which may result in a drop in the asking price in order to achieve a sale," Kusher explained.
"Vendors in quieter selling periods such as now need to be more realistic and perhaps even redefine their price expectations if they are motivated to sell. Essentially, the equation comes down to time [equals] value of money."
