Homes can sell much faster in some capital cities, which one is the fastest?

first_imgIt’s likely to take longer to sell by the end of this year.SOME homes can appear to sit on the market for months on end, while others you can blink and miss them.In which capital city though do homes tend to sell the fastest?While most capital city markets are fairly close in days on market, Sydney comes out just on top.According to CoreLogic figures at the end of 2017, properties sold by private treaty across Australia typically took 45 days to sell and across the combined capital cities they took 40 days to sell.These days on market figures have remained fairly steady in recent months.In Sydney the typical home took an average 42 days to sell in December 2017, which was a bit slower than when the market was hotter and properties were selling in 34 days just a year earlier.Melbourne homes typically take 33 days to sell which was also slower than the end of 2016 when it took an average 29 days to find a buyer.In Brisbane the days on market have dragged out to 53 days, up from 47 days a year earlier.More from newsNew apartments released at idyllic retirement community Samford Grove Presented by Parks and wildlife the new lust-haves post coronavirus21 hours ago“The days on market figure has been trending higher since reaching a recent low of 43 days in March 2017,’’ the report said.Adelaide properties take 41 days to sell which was down from 43 days a year earlier. The days on market has been reducing in recent months in Adelaide.There has been a consistent drop in days on market in Perth, which went from 58 days at the end of 2016 to 53 days at the end of 2017.Properties are selling within 33 days in Hobart, just a little faster than the previous year when it took on average 34 days.Darwin days on market was a high 75 days but that was significantly lower than the 88 days it took at the end of 2016.CoreLogic analyst Cameron Kusher said it was reasonable to expect that during the next year days on market nationally may trend higher.He said sellers in cities affected by rising days on market would have to be more realistic about their price expectations.“As properties take longer to sell, buyers will be more inclined to negotiate on asking prices and vendors may face higher competition from other properties listed for sale as inventory levels rise.’’last_img