Fresh figures from CoreLogic have revealed that the turnaround time for Melbourne dwellings has fallen to a historic low of just 29 days.
According the latest CoreLogic Property Pulse, the average time on market for Melbourne dwellings fell to an historic low of 29 days at the end of 2016.
Meanwhile, the typical Sydney dwelling sold after an average of 33 days in December 2016 compared to 39 days in December 2015.
Brisbane is the only city with a ‘days on market’ figure trending higher. While dwellings were taking an average of 43 days to sell at the end of 2015, the average rose to 57 at the end of 2016.
Adelaide houses and units were taking 43 days to sell at the end of last year. The typical Perth dwelling was taking 65 days (compared to 58 days at the end of 2015).
A large fall in ‘days on market’ was also recorded for Hobart, declining from 47 days in December 2015 to 35 days in December 2016.
Canberra closed out 2016 with its dwellings taking 37 days to sell, compared to 47 days at the end of 2015.
Meanwhile, dwellings in Darwin were taking an average of 86 days to sell at the end of 2016, up from 74 days at the end of 2015 (however this figure has begun to fall over recent months).
CoreLogic head analyst Cameron Kusher noted that the average number of days it takes to sell a residential property has been falling over recent months, which reflects an overall improvement in housing market conditions.
On average, it took 38 days to sell a home in December 2016 across Australia’s capital cities (down from a high of 50 days in August 2016). Four of the eight capital cities now have an average ‘days on market’ figure below 40 days, while most other capital cities are seeing this figure starting to trend lower.
Mr Kusher commented: “The average days on market figure provides valuable insights into the performance of the housing market by measuring the average difference between the date at which a property is listed for sale and the day at which it goes under contract.”
He added: “The days on market figures will be important to follow throughout 2017. After the current growth phase has run for more than four and a half years, we are still seeing a rapid rate of sale in Sydney and Melbourne.
“Low levels of stock available for sale and many willing purchasers continue to drive a rapid rate of sale in Sydney and Melbourne while the rate of sale is improving in most other capital cities.”