Houses in Sydney, Melbourne, Canberra and Hobart are taking a longer time to sell, giving buyers a better chance of beating out the competition.
New data from Domain has revealed the areas and property types that are spending a longer time on the market. In Sydney, for instance, houses are staying on the market for 54 days on average, an increase from 36 days in October last year. In Melbourne, houses are snapped up after 56 days on average, up from 49 days last year.
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“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,” Domain’s chief of research and economics, Dr Nicola Powell, said.
“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 (apart from houses in Hobart).”
The best suburbs for buyers
According to Domain, the following areas are staying on the market for longer, giving buyers more time to weigh up their decision.
New South Wales
Houses in tourist destinations- including the Snowy Mountains, Pittwater, South Coast and Shoalhaven - are taking a longer time to sell. Units in Sydney’s inner city, Parramatta, Canterbury, Ryde-Hunter Hills and Canada Bay are also attractive for buyers.
Inner-city areas of Melbourne present good opportunities for buyers, Domain said, due to the return of international students, permanent migrants and tourism. Houses and units in Melbourne City offer good opportunities, as well as units in Maribyrnong, Essendon and Brunswick.
Houses in travel hotspots - including Port Douglas-Daintree, the Whitsundays and the Gold Coast Hinterland - are staying on the market for longer, along with units in Noosa.
Houses in regional areas - including in the Wheat Belt, Esperance, Mid West and East Pilbara - are spending some of the longest times on the market.
Houses and units in Adelaide City are on the market for longer than surrounding areas. Walkerville - one of Adelaide’s most affluent areas - is also spending 3.3 per cent longer on the market compared to last year.
Australian Capital Territory
Houses in North Canberra, Woden Valley and Tuggeranong are taking longer to sell, indicating there is less competition among buyers.
Lastly, there are good opportunities for buyers on the West Coast, North Coast and South East Coast.