The cool change in weather is normally a time when the property market sees a seasonal slowdown, but that doesn’t look to be the case this year as properties fly off the market at record speeds.
The average number of days that properties were on the market in May was just 32 days, according to the latest REA Insights Market Indicators Report. This is down from an average of 37 days in April and almost half that of a year ago.
In some states properties have been selling even quicker, including in the ACT where properties sold in just 24 days, and in NSW and Victoria where properties sold in 27 days and 28 days, respectively.
REA Group economist Anne Flaherty said they are seeing properties fly off the realestate.com.au website faster than they’ve ever seen before.
“That average takes into account every area across the states [and territories]. If we think about regional areas, they tend to sell properties much slower there, so the fact that on average we’ve come down to 32 days, that’s quite remarkable,” Ms Flaherty said.
Looking ahead, Ms Flaherty noted that the cooler weather may see a reduced number of properties going for sale as sellers hold off until the popular spring season.
However, while some reduced activity from buyers may help counteract a reduction in houses for sale, there’s a strong chance that property is going to continue to remain in high demand and sell quickly over the winter months.
Is there some good news for buyers?
Low interest rates and strong buyer confidence are continuing to drive the property market, but there is some good news for those who have been having a tough time breaking in.
The REA report has found evidence that there’s some heat coming out of the market, with searches on realestate.com.au starting to trend down slightly.
Search volumes on the listing website have fallen by 8.5% since they peaked in February of this year. While this is still 17.9% higher than a year ago, it does show that demand is waning somewhat.
That means that those looking to get into the market at present may have some reduced competition.
So, don’t give up on your property search if you are looking to buy right now, you never know when the right property for the right price will come your way.