Nationally, residential sales are outpacing new property listings, vendor discounts are falling and it’s taking less time to sell a property, shows the latest CoreLogic data.
The median vendor discount eased across capital cities and regional areas in the three months to September, falling from 4% to 3.3% over the year. Also, it now takes an average of only 40 days to sell a property compared to 46 days a year ago, the data shows.
“The year-on-year comparison is highly relevant as a year ago the marketplace was emerging from a two-year downturn,” says Tim Lawless, CoreLogic’s head of research. “It does show that, as we emerge from the COVID-related lockdowns, the market seems to be a little bit stronger than that.”
In the four weeks to September 27, new listings rose 9% while total listings declined, leaving the ratio of home buyers to new listings weighted towards demand rather than a supply build-up, says Lawless.
This suggests that now is the right time to buy.