Units in Ballarat Central in Victoria have seen their selling time increase the most in the country, according to new data.
Research from online property sales platform Openn has identified the housing markets around Australia that have seen their days on market increase, while still experiencing stable buyer demand.
Units in Ballarat Central have seen their average days on market increase by 20 days to 51 over the past three months.
Dicky Beach in Queensland has seen its days on market rise by 19 to 42, Beaumaris in Tasmania has increased by 19 to 54 days, while Barmera in South Australia has also risen by 19 to 56 days.
Other suburbs that have also experienced increased selling times in the past three months include Sunnybank, Little Mountain and Woorim in QLD, Liberty Grove in NSW, Eagle Point in Victoria and Beaconsfield in Tasmania.
Notably, out of the 20 suburbs, there were 13 house markets and 7 unit markets including suburbs in Queensland (10 suburbs), Tasmania (4), Victoria (3), New South Wales (2) and South Australia (1).
Openn Managing Director, Peter Gibbons said this data could help sellers better understand their current market conditions and level their expectations.
“Pricing a property is incredibly difficult when market conditions shift rapidly,” Mr Gibbons said.
“Agents and sellers must carefully consider their pricing and sales strategy as the longer a property is on the market, the less buyers expect to pay
“However, it’s not all doom and gloom, with a plethora of non-traditional sales methods now available which can speed up property sales and help achieve the best result possible.”
Mr Gibbons said different types of selling approaches can help decrease sales time.
“By allowing more buyers to participate and providing a more transparent experience, digital sales processes offer vendors a better opportunity to extract the best possible price from the market.
“Buyers want certainty the property is in demand before putting their best offers forward, and social proof is the fastest way to achieve that.”