Real estate listings last less than a month in big cities, says report

A house listing in Sydney or Melbourne now stays online for less than a month on average, according to market experts REA Group’s Insights Housing Market Indicators Report for April 2021.

The report shows a continuation of the strong trends that have been seen since the start of the year, with the number of potential buyers viewing listings on at a record high, with views per listing up 6.1% from numbers in March and 106.8% on the same time last year.

Properties that hit are spending less and less time on the site, too, with the every state in Australia marking a reduction in the average days that properties are listed, with an average Australian listing lasting 48 days online, down from 71 days last June.

In some of Australia’s hottest property markets, those numbers are even more stark: in New South Wales, Victoria and the Australian Capital Territory, the amount of time that it takes to delist a house is now less than a month.

“The REA Insights Housing Market Indicators Report shows there is no sign of the Australian property market slowing down in 2021,” said Anne Flaherty, the economist at who wrote the report. “The combination of the low cost of debt and an unprecedented level of government support has seen buyer activity surge this year.

“Demand remains strong with views per listing on at record highs, up 6.1% nationally for the month and 106.8% year-on-year. We are also seeing properties sell at record speeds with the average number of days properties are listed for sale on hitting record lows in every state in March, at just 48 days on average.”

“We’ve seen a shift in preferences compared to 12 months ago with buyers searching for more expensive properties and they’re also seeking more space with enquiries for house and land surging.”

“We expect to continue to see transaction volumes trend upwards as more listings come to market over the remainder of the year.”

From AustralianBroker

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