The Urban Developer
AdvertiseEventsWebinarsUrbanity
Industry Excellence
Urban Leader
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Urban Leader Awards Logos RGB White
NOMINATIONS CLOSE SEPTEMBER 12 RECOGNISING THE INDIVIDUALS BEHIND THE PROJECTS
NOMINATIONS CLOSING SEPTEMBER 12 URBAN LEADER AWARDS
LEARN MOREDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
9
print
Print
ResidentialRenee McKeownThu 08 Apr 21

Australian Homes Selling in Record Time

66fbc1ce-13f0-4c2e-8594-e601149e095f

Homes across the country are selling faster than any time on record as demand continues to exceed supply.

During March, properties in Canberra were taking the least amount of time to be sold (25 days), followed by New South Wales (27 days) and Victoria (30 days), according to the latest housing market indicators report by the REA Group.

These figures were twice as fast as sales times recorded in early 2019.

Nationally, the rate was just 48 days, compared to 71 days in June, 2020.

The changes were not as dramatic in Queensland, where sales currently average around 60 days on the realestate.com.au site.

Average days on site, properties listed for sale

^Source: REA Insights
Economist Anne Flaherty said the report showed there were no signs the Australian property market was slowing down this year.

“The average number of days properties are listed for sale on realestate.com.au hit record lows in every state in March 2021,” Flaherty said.

“The low cost of debt combined with an unprecedented level of government support has seen buyer activity surge this year.

“They are also looking for more space, with enquiries for houses and land surging, while demand for units has softened.”

Meanwhile, house prices are at record highs with capital cities outpacing regional areas for the first time since the start of the pandemic.

Westpac chief executive Peter King said while record low interest rates were driving prices up, the fundamental cause was a function of supply and demand.

“One of the ratios we look at is new listings to sales, and it's still out of whack—we're getting more sales than new listings, which basically is what's driving [property] prices,” he said.

This weekend there are 2207 auctions due to be held, up on the lower numbers of Easter, while clearance rates remain at all time highs.

ResidentialAustraliaSector
AUTHOR
Renee McKeown
More articles by this author
ADVERTISEMENT
TOP STORIES
Stockland bumps up its apartment pipeline in melbourne and sydney
Exclusive

Stockland Re-Enters Density in $5bn Apartment Play

Renee McKeown
4 Min
Woolloongabba Precinct Vulture St
Exclusive

Brisbane Developer in Cross River Rail Compensation Tussle

Clare Burnett
4 Min
The Mondrian Gold Coast hotel's food and beverage is driving profits
Exclusive

Touch, Taste, Theatre: What’s Driving Mondrian’s Success

Renee McKeown
6 Min
Fortis’ display suites are designed as brand environments first, with tactile details and curated design to build buyer confidence before project specifics.
Exclusive

Relevant or Redundant: Will Tech Kill Display Suites?

Vanessa Croll
7 Min
Exclusive

Missing Heart: Why The Gold Coast Needs a CBD

Phil Bartsch
7 Min
View All >
South Melbourne social housing precinct
Affordable & Social Housing

South Melbourne Housing Precinct Revamp Takes Next Step

Leon Della Bosca
Aerial view of Caboolture and Bruce highway to Brisbane with Bribie Island Road crossing, Queensland, Australia
Policy

Queensland’s $2bn Push Opens New Housing Front

Vanessa Croll
Stockland bumps up its apartment pipeline in melbourne and sydney
Exclusive

Stockland Re-Enters Density in $5bn Apartment Play

Renee McKeown
The property giant’s strategic shift to higher density is in full flight as details of two landmark projects are made pu…
LATEST
South Melbourne social housing precinct
Affordable & Social Housing

South Melbourne Housing Precinct Revamp Takes Next Step

Leon Della Bosca
2 Min
Aerial view of Caboolture and Bruce highway to Brisbane with Bribie Island Road crossing, Queensland, Australia
Policy

Queensland’s $2bn Push Opens New Housing Front

Vanessa Croll
2 Min
Stockland bumps up its apartment pipeline in melbourne and sydney
Exclusive

Stockland Re-Enters Density in $5bn Apartment Play

Renee McKeown
4 Min
JQZ Parramatta EDM
Residential

JQZ Plots 10-Storey Addition to Parramatta ‘Auto Alley’ Plans

Clare Burnett
3 Min
View All >
ADVERTISEMENT
Article originally posted at: https://www.theurbandeveloper.com/articles/properties-selling-twice-as-fast