Homes taking slightly longer to sell — but prices staying firm

Selling conditions in Australia’s housing market have shifted slightly, with properties spending a little longer on the market – but sellers are still achieving strong results.

New data from Cotality shows that the median time to sell a home by private treaty rose to 30 days in the September quarter, up from 27 days a year earlier. A longer selling time typically signals a dip in buyer urgency. However, the median vendor discount – the gap between a home’s listing price and its final sale price – narrowed from 3.3% to 3.2%, suggesting buyer activity remains firm and sellers are still in a strong position.

For buyers, this combination of slower sales and firm prices means the market remains competitive, yet there’s still room to negotiate. To find a good home at a fair price, consider the following:

• Get your finances ready. – Secure pre-approval so you can act quickly when the right property appears.
• Know the market. Research recent comparable sales to understand what homes are really worth.
• Be realistic. Aim for value rather than chasing bargains in a competitive market.

The best buyers in this market are the ones who’ve done their homework – and have their finance lined up before they start looking.