The average days on market (the time it takes to sell your property) has decreased substantially from this time last year, new CoreLogic data reveals.
Across Australia’s capital cities it’s dropped from 43 days to 27 days, reports Domain.
Brissie property is moving even faster at 25 days, which is the shortest days on market of the major capital cities.
Sellers are enjoying a feeding frenzy and getting prices very close to the asking price, with vendor discounting sitting at a median of just 2.7 per cent nationally.
“It’s really a reflection of how tight the market is,” said CoreLogic research director Tim Lawless.
“The total number of homes for sale is still tracking about 24 per cent below the five-year average, but transaction activity is up … the result is, we are seeing homes selling very quickly with little in the way of discounting.”
“This is a seller’s market; buyers don’t have a lot of choices and probably feel quite rushed in their decision making … they fear if they take too long, chances are the property will get taken out from under them.”
This is great news for sellers but can be daunting for buyers, particularly first timers.
If you’re struggling to keep pace with the market, try these tips:
- talk to local agents so they know what you want and can contact you about potential properties
- set a realistic budget
- talk to an independent mortgage broker about home loan pre-approval so you can move quickly and confidently when you make an offer.