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Properties across Australia are selling faster, with April sales results from RP Data Property Pulse showing a sharp drop in the time properties spend on the market compared to this time last year.
Most capital cities, apart from Brisbane and Hobart, showed a decrease in the time a property remained on the market, from the time it was listed to the contract date.
According to research analyst Cameron Kusher, this is reflective of stronger housing market conditions over the first quarter of the year.
“This is a great result but we need to question whether the current rapid pace of sale can be maintained,” he says.
“Although time on market is at quite low levels it will be interesting to see whether or not these levels can be maintained with lower levels of new stock coming onto the market and the recent successive monthly falls in capital city home values.
“On the other hand, sales volumes have been improving from a very low base indicating that if vendors set appropriate prices on their homes, they should be able to attract buyers and sell the home in shorter period of time,” Kusher says.
Across the country, the average time on market for all homes is currently recorded at 60 days and at the same time a year ago, the figure sat at a slightly higher 67 days.
The national average time on market for a house is currently 62 days compared to 68 days a year ago. For units it was 61 days a year ago compared to 51 days currently.
Reproduced in full with permission: Australian Property Investor Properties selling faster 6 June 2013
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