No more FOMO as real estate stays in the market longer

Some properties are taking longer to sell due to the lack of FOMO that gripped the market last year.

New data from Domain shows that shoppers in select capital cities can breathe easier and have less pressure to make decisions as deals stay on the market longer compared to last year.

However, in all cities — with the exception of homes in Hobart — homes are still selling much faster than they were before the pandemic, Domain noted.

Broken down by apartment type, the current market has two speeds.

House ads in Canberra, Hobart, Melbourne and Sydney are not selling as fast as they were last October, research shows, suggesting less competition.

CONTINUE READING: Black Friday property sales in Tassie are a sign of the cooling market

306/2 McGoun Street, Richmond, VIC

Richmond one bedroom apartment domain property
The one-bedroom pad has an asking price of $420,000-$450,000. (Domain)
Domain time on market real estate chart
Comparison of days in the market according to domain’s listing data published on November 25, 2022. (Domain research team)

However, house listings in Brisbane, Adelaide, Darwin and Perth are processing faster than they were 12 months ago.

For units, listing periods have been set for Hobart, Melbourne, Perth and Sydney.

But in Canberra, Adelaide, Brisbane and Darwin, units are changing hands faster than in October 2021.

Domain cracked down on private contract sales to reveal transaction timeframes.

Longer on the market means more opportunity for buyers to make the right decision, according to Domain’s expert.

dr Nicola Powell, Domain’s chief economic and research officer, said days on the market are a “good indicator” of the supply/demand balance.

CONTINUE READING: Buddy and Jesinta Franklin have emerged as the buyers of the Hollywood-style Gold Coast mansion

6304/42 Pemberton Street, Botany, NSW

Botany apartment domain for sale
The $875,000 three-bedroom apartment occupies a corner position. (Domain)

”While the days on the market have increased compared to this time last year, we must remember that last year there was exceptional demand which created a high level of competition and depressed the days on the market” said Dr. Powell.

“While rising interest rates and inflation have dampened demand, the market’s current days are still lower than the previous five-year average for this time of year (excluding homes in Hobart).

“Many sellers can expect to sell provided they meet market price expectations.”

CONTINUE READING: The cheapest suburbs to shop at 10km or less from a CBD

32 May Street, Birkenhead, SA

Birkenhead SA Adelaide Cottage For Sale Domain
The home is “coastal cottage style” with an “atmosphere” as the listing states. (Domain)

In a summary of days in the market for buyers, domain found …

‘Melbourne’s inner city areas offer good opportunities due to returning international students, permanent migrants and tourism,’ the report said. Buyers should look for units in Maribyrnong, Essendon, Brunswick and the City of Melbourne.

Units in Sydney’s inner city, Parramatta, Canterbury, Ryde-Hunter Hills and Canada Bay are worth checking out. Homes in lifestyle areas like Snowy Mountains, Pittwater, South Coast, and Shoalhaven are some of the longest periods on the market, allowing buyers to browse there without much urgency.

According to Domain, there is “great potential” for homes in sunny, holiday-worthy locations such as Port Douglas-Daintree, the Whitsundays, the Gold Coast Hinterland and Noosa.

CONTINUE READING: Buddy Franklin launches sales campaign for $5 million house in Rose Bay

37 Bosworth Circuit, Kambah, ACT

Property of the Kambah ACT domain
The property is aimed at buyers of first homes, in walking distance to the shopping village. (Domain)

Western Australia
Buyers should look to homes in the Wheat Belt, Esperance, Midwest, and East Pilbara, which have some of the longest periods on the market and provide a path for a patient home seeker.

South Australia
Properties in “one of Adelaide’s most affluent areas, Walkerville, are staying on the market 3.3 percent longer than last year,” Domain found. The same applies to apartments and houses in Adelaide City.

Homes in North Canberra, Woden Valley and Tuggeranong have more days on the market compared to last year, meaning competition has increased, which is benefiting buyers.

“There are viable opportunities on the West Coast, North Coast and Southeast Coast,” according to Domain’s research team.

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