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Suburbs with the shortest sale times in Adelaide

4 Aug 2015 Glynde 0 Comment

Residential properties in Australia’s capital cities are selling at near-record speed!

The latest combined capital city data for May shows that homes are taking an average 37 days to sell. The rate of sale is close to a record low and across the two largest cities homes are selling at their fastest rate on record at 26 days in Sydney and 32 days in Melbourne. These figures are only for private treaty sales and don’t include properties sold at auction.

The suburb level data to April also highlights a rapid rate of sale across certain capital city suburbs.

The average time on market figure is measured by the difference between the initial listing date of a property for sale and the contract date. The figure highlights the rate of sale in a market.

If the days on market are short it is typically indicative of a seller’s market where homes are selling rapidly and buyers have little time to ponder a purchase decision. Alternatively, when the average selling time starts to rise, buyers will typically have more scope to deliberate their decision and negotiate on the purchase price.

Short selling times typically coincide with rising prices and long selling times generally see less upwards price pressures.

Acacia Gardens in Sydney had the quickest rate of sale for houses at just 16 days. Suburbs with the shortest days on market have much lower figures in Sydney and Melbourne relative to the remaining capital cities. In most cities it is either the more affordable of ‘middle’ priced suburbs where the rate of sale is quickest, showing that those areas with the largest pool of buyers are typically going to achieve sales quicker.

Looking at the unit market again it was a Sydney suburb with the shortest time on market. Across 16 unit sales over the past 12 months, units in Constitution Hill remained on the market for an average of only nine days.

Sydney in particular tends to have a much shorter average time on the market than all other capital cities. The suburbs listed tend to be characterised as inner and middle-ring suburbs; they are also generally areas with established rather than newer unit stock.

With home values continuing to rise and interest rates remaining low it is reasonable to expect that homes will continue to sell relatively quickly over the coming months.

The amount of stock for sale in most cities is lower than at the same time last year which also tends to create a level of urgency in the market for buyers.

Top 5 suburbs with shortest days on market for houses

Displayed as suburb, median price, number of days on market. Data is for April 2015.

Adelaide

Payneham South – $586,250 – 32
Glynde – $511,500 – 35
Linden Park – $850,000 – 36
Mile End – $530,000 – 36
Plympton Park – $470,000 – 38

Top 5 suburbs with shortest days on market for units

Displayed as suburb, median price, number of days on market. Data is for April 2015.

Adelaide

St Morris – $339,000 – 21
Leabrook – $532,500 – 30
Maylands – $385,000 – 33
Gilberton – $505,000 – 34
Marion – $353,000 – 35

 

For more info and interstate stats see link below:

http://www.realestate.com.au/blog/sellers-market-suburbs-with-the-shortest-sale-times/?rsf=or:google+


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