Demand for property across the country is higher than ever with the average days on market tumbling last month.
According to realestate.com.au, the time it took to sell a property fell from 37 in April to 32 in May, suggesting buyers are prepared to act quickly.
Across the country, a number of states were seeing even quicker sale times, with 24 days in the ACT, 27 days in NSW and 28 days in Victoria.
Anne Flaherty, realestate.com.au economist, said the figures suggest buyers are very active in the market.
“We are seeing properties sell at record speed so buyers are having to move quickly to compete in these market conditions,” she said.
“While demand may moderate over the coming winter months, views per listing increased in May and is now just shy of its historic high earlier this year.
”The current strength in the property market is also beginning to be focused on the upper end, with properties priced over $1 million, proving to be the most sought after.
According to realestate.com.au, there were more than twice as many searches for properties above $1 million than there were under $500,000.
“While search volumes for properties for sale have dropped slightly, softening supply may help to sustain above-average views per listing. We do expect that the winter market will remain unseasonably active due to continued heightened demand,” Ms Flaherty said.
“Investor inquiry is increasing, and we are seeing them return to the market, driven by the low cost of debt and expected capital growth. Interestingly, first homebuyer inquiry saw a slight rise in May after trending downwards since January.
“I expect prices will continue to rise over winter, however, with slightly reduced demand, stimulus removed from the market, and rises in longer-term fixed-rate mortgage rates, prices are likely to rise at a slower pace.”
