Australia’s Housing Market: New Home Listings Selling Faster

Discover the reasons behind the surge in new home listings selling faster in Australia's competitive real estate market.

The real estate market in Australia has seen a significant shift in recent years, with new home listings being snapped up at a faster pace than ever before. This trend is particularly evident in the capital cities, where increasing buyer confidence and a shortage of new listings have driven down the time properties spend on the market.

Australia's Housing Market: New Home Listings Selling Faster

Historically, most new listings took 60 days or more to sell, but this changed dramatically with the onset of the pandemic. By the end of 2020, demand for properties had surged to the point where more new listings were selling within 60 days than those taking longer. However, as interest rates rose in 2022, the number of listings onsite for more than 60 days increased once again.

In 2023, the trend has reversed once more, with properties in metro areas being snapped up at an even faster rate. In fact, metro listings are selling 50% faster than those in regional areas, with an average of 58% of new listings being sold within 60 days in metro markets.

Adelaide has emerged as the hottest market in the country, with 66% of new listings selling within 60 days in December 2023, a 37% increase from the previous year. Perth and Brisbane have also seen significant growth in the proportion of listings selling within a shorter timeframe.

While the majority of new listings are now selling within 60 days, there is still a significant number of properties that remain onsite for longer periods. It is crucial for sellers to act quickly, as the data shows that the probability of selling decreases significantly after 60 days.

The current real estate market in Australia is characterized by high demand, particularly in metro areas, and properties are being snapped up at record speed. Sellers should take advantage of this trend and aim to sell their properties within 60 days to maximize their chances of a successful sale.