CoreLogic recently reported that properties in most regions of the country are taking longer to sell as home values and transactions slide, and inventories track upwards.
Properties across the nation had a median time on market of 53 days over the three months to October. This figure marked a hike in days on market, up from 42 days in 2017 and a recent low of 38 days in December 2017.
The combined capital cities market, meanwhile, sat at 46 days over the three months to October, which was lower than the 61 days across the combined regional markets. Across each of these broad regions, the days-on-market figure was up compared to the previous year, when it was recorded at 35 days and 55 days, respectively.
The capital city figure is now the highest it has been since March 2016, and across the combined capital cities, it is the highest since October 2016.
Going by specific cities and states, it was found that although the median days on market in Sydney and regional New South Wales (NSW) declined slightly over recent months, both regions saw days on market increasing compared to a year ago.
In Sydney, the median time on market was 31 days in 2017 and has climbed to 50 days at present. This number is much higher than the recent low of 24 days in April 2017.
Across regional NSW, homes spent an average of 64 days on the market, compared to 52 days a year ago and a recent low of 48 days in May 2017.
The median time on market in Melbourne, on the other hand, is currently 38 days. In regional Victoria, it hit 41 days. In Melbourne, the average time on market is trending upwards – higher than the average of 23 days a year ago and the highest it has been since March 2016. Regional Victoria’s average time on market tracked the opposite direction, down from 49 days a year ago. This shift reflects the strengthening of housing-market conditions in regional Victoria, while the Melbourne housing market cools.
Queensland took after the national market’s performance, with its properties also taking longer to sell than they were a year ago. Brisbane’s median time on market is currently 53 days, which is the longest time it has taken since February 2013.
The median time on market for Adelaide was recorded at 42 days as of October, and Perth properties were taking 63 days to sell over the three months to October.
While properties in Hobart are continuing to sell quickly, there has been a rise in days on market over recent months. Properties in Hobart took an average of 25 days to sell over the past three months, up from just 10 days in the previous year and a recent low of nine days during a number of months over 2017.
Darwin and Canberra properties also take time to sell, with average time on market higher than a year ago.
CoreLogic said that the condition is reflective of the weakening housing market. “Dwelling values are falling with growth slowing in most regions, transaction volumes are lower and the overall stock available for sale continues to climb which provides buyers with more choice and less urgency,” the research firm said.
