Buyers Are In The Driver’s Seat As The Median Selling Time Trends Higher
Over the three months to April 2019, the median time on the market for a dwelling nationally was 60 days. As the chart below shows, the typical selling time has risen significantly over recent months and is up from 35 days at the same time a year ago. The rapid rise in time on market is a symptom of higher supply (advertised stock levels across the combined capitals are at their highest level for this time of the year since 2012) and less demand (capital city settled sales are down 16% year on year).
Across Sydney, properties were typically taking 62 days to sell in April 2019 while in regional NSW properties were taking 76 days. At the same time a year earlier, Sydney properties took 31 days to sell and regional NSW properties took 50 days. As both housing markets have weakened there has been an ongoing steady increase in days on market.
Statistics are showing that all other capital cities and regional areas across Australia are following a very similar trend.
Overall the data points to a longer period of negotiation before a sale. This reflects the conditions of tougher finance and fewer buyers. In order to have the best chance of achieving a sale, vendors should set realistic prices, maximise their marketing campaign to ensure their property stands out from the competition and be prepared to meet market expectations.