Despite overall demand slowing down since the peak of the boom, properties across the country are still selling faster than they were before the pandemic, according to new data.
According to Domain, houses in all capital cities are selling faster than in March 2020 with the exception of Hobart.
In the past 12 months, houses in Brisbane, Adelaide, Darwin and Perth have seen a decrease in average days on market annually suggesting demand remains high.
However, houses in Canberra, Hobart, Melbourne and Sydney are staying on the market longer compared to October 2021 indicating there is less buyer competition than at the height of the boom.
The average days on markets for units in Hobart, Melbourne, Perth and Sydney are staying on the market longer compared to October 2021 with units in Canberra, Adelaide, Brisbane and Darwin seeing a decrease in average days on market annually.
Domain’s Chief of Research and Economics, Dr Nicola Powell said properties are still selling far quicker than what we’ve seen over the past five years.
“Days on market is a good indication of the balance between supply and demand of property,” Dr Powell said.
“While the days on market have gone up compared to this time last year we need to remember that there was extraordinary demand last year, creating high levels of competition and pushing down days on market.
“While increasing interest rates and inflation have tempered demand, the current days on market are still lower than the previous five-year average for this time of year.”
Dr Powell said it’s still a good time to sell your property despite the overall slowdown in demand.
“Many sellers can expect a sale provided they are meeting market price expectations,” she said.
Across Victoria, the inner city areas of Melbourne present good opportunities due to the return of international students, permanent migrants and tourism, Dr Powell said.
Buyers should look for units in Maribyrnong, Essendon and Brunswick, and units and houses in Melbourne City.
Meanwhile there are a mix of regional and suburban areas in Melbourne spending less time on market, including houses in Mildura, Casey – North, Cardinia, Frankston and Knox.
Dr Powell said in NSW, there are buyer opportunities for different demographics and lifestyle needs.
Units in Sydney Inner City, Parramatta, Canterbury, Ryde – Hunter Hills and Canada Bay, and houses in popular travel destinations including Snowy Mountains, Pittwater, South Coast and Shoalhaven are all spending some of the longest time on the market.
On the other end of the spectrum, houses in the outskirts of Sydney including Camden, Penrith and Campbelltown and the inner west areas of Marrickville and Petersham are getting snapped up quickly.
According to Dr Powell, there is great potential for houses in popular travel destinations across Queensland including Port Douglas – Daintree, Whitsunday and Gold Coast Hinterland, and units in Noosa.
Areas that are selling well in Brisbane include Wynnum – Manly, Bald Hills – Everton Park, Sunnybank, The Gap – Enoggera, and Rocklea – Acacia Ridge.
Dr Powell said areas in regional WA including houses in the Wheat Belt, Esperance, Mid West and East Pilbara are all spending some of the longest time on the market.
Buyers are currently interested in houses in Joondalup, the primary urban centre of Perth’s outer northern areas, alongside Kwinana, Serpentine – Jarrahdale, Rockingham and Wanneroo.
In South Australia, one of Adelaide’s most affluent areas, Walkerville, is spending 3.3 per cent longer on the market compared to last year, Dr Powell said, while units and houses in Adelaide City are spending longer compared to surrounding areas.
Buyers are mostly interested in Onkaparinga, Tea Tree Gully, Marion, Tea Tree Gully and West Torrens.
For the ACT, Dr Powell said houses in North Canberra, Woden Valley and Tuggeranong have increased their days on market compared to 2021 indicating slightly eased competition for buyers.
There are good opportunities to sell in Weston Creek, Woden Valley, Belconnen and Tuggeranong which are spending the least time on the market, and have all decreased their days on market compared to 2021.
In Tasmania, there are viable opportunities for buyers in the West Coast, North Coast and South East Coast, according to Dr Powell, with North East, North West and Inner Hobart, alongside Sorell – Dodges, Ferry and Launceston all being sought after by buyers.