There are fewer properties coming to market but the ones that are have been taking longer to sell. Days on market hit a historical low in June last year, hitting an average of 22 days. Since then, this has risen to 31 days.
With price growth back on the move, it’s likely that this will soon start to decline again. In the meantime, there are many suburbs that have homes already selling a lot quicker than last year.
In Sydney, the suburbs that are selling a lot faster than last year are neighbouring suburbs Blakehurst and Penshurst in the south. Not surprisingly, the faster speed in which these suburbs are selling has also led to price growth. Blakehurst’s median is up 15 per cent since last year, while Penshurst is up 1.7 per cent.
In Melbourne, the premium beachside suburb of Albert Park is now selling 35 days quicker than it was at the same time last year. Prices are only marginally higher than last year, however are likely to continue to see increases in 2023.
Queensland is topping the country for population growth and it’s Brisbane’s more affordable suburbs that are selling quickest as a result. Ipswich has a median of $510,000 and homes are selling 14 days quicker than last year.
It was hard to sell homes in Strathnairn in Canberra 12 months ago but that has dramatically turned around. It’s still taking 48 days on average but it’s a lot quicker than the three months last year. Houses in Coombs and Throsby are also selling a lot quicker.
Adelaide house prices are almost back to where they were at the peak last year and two premium suburbs are now selling a lot quicker already. Walkerville and Unley are selling more than three days quicker than last year. Plympton is slightly more affordable and homes are selling 22 days quicker.
Similarly to Adelaide, Perth’s median price will be back to where it was at the 2022 peak in the next couple of months. The two suburbs that are now selling a lot quicker are very affordable. Midvale and Hillman have medians well below $400,000.
Darwin was the first city to hit its 2022 peak after having experienced a very mild downturn. Houses in Woodroffe are now selling 32 days quicker than last year, while Rapid Creek houses are selling 18 days quicker.
Finally, in Hobart, there are no suburbs that are selling faster than this year compared to last. However with price growth again occurring in this city, homes will start to sell a lot quicker for the remainder of the year.
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