Properties in Australia’s biggest cities are selling faster than this time last year, despite the economic downturn from the pandemic, according to the latest data from Domain. In the first six months of 2019 the property market was hampered by tougher lending criteria and uncertainty surrounding the Federal Election. Even though the current economic outlook is uncertain, homes are selling faster now. With only serious buyers in the market now, and few sellers, new listings are being snapped up quickly, Domain says.
It took 69 days on average to sell a Sydney house in the June Quarter, down from 87 days a year earlier, Domain data shows. Melbourne houses are being sold in 59 days, down from 76, while units in the Victorian capital are selling in 67 days, down from 84. Houses on the Gold Coast are being offloaded in 98 days compared to 110 days a year ago. Domain economist Trent Wiltshire says last year’s market was even softer than expected because of the election, while markets are currently doing better than many predicted.