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In the midst of the property market upswing, Sydney property was selling at lightning speed, with countless reports of property sales happening within hours of being listed for sale.
According to Domain’s inaugural NSW Spotlight report, the average time a Sydney house spent on the market dropped to just 31 days in December 2021 – the quickest on record.
At the same time, units were selling in 62 days on average – the quickest since 2018.
This race for a house also occurred in Regional NSW, with the time a house spent on the market dropping to 55 days in January 2022, the quickest since 2004.
The report reveals that last year was the first time since 2005 that houses in Regional NSW sold quicker than units in Sydney.
But is this still the case today?
The overall slowing momentum in the NSW property market has caused the average time a property spends on the NSW market drawing out.
In fact, Sydney has had one of the biggest increases in the country in selling time.
Now it is taking 8 days extra for Sydney houses, and 1 day extra for Regional NSW houses, to sell compared to the recent multi-year low – Sydney units are taking the same amount of time.
That means today a Sydney house is on the market for around 39 days and a unit for 62 days.
And in regional NSW, houses are currently on the market for around 56 days prior to being sold, or 50 days for units.
This does also mean that the houses in Regional NSW are still being sold quicker than units in Sydney.
The suburbs where the property is quickest to sell
Breaking this data down further, Domain has put together a list of the top 5 Sydney and regional NSW suburbs where homes are the quickest to sell.
Killarney Heights, northeast of Sydney’s CBD on Middle Harbour, is the suburb where houses are the quickest to sell.
For units, the crown goes to Fairlight on the Northern Beaches.
And in regional NSW, houses in Russell Vale in Wollongong are the quickest to sell, with Bellambi, also in Woolongong, being home to the fastest unit sales.
Buyers can breathe a sigh of relief
With Sydney houses significantly taking a long time to sell, buyers can breathe a sigh of relief as the data suggests that the speedy days of transacting property are behind us.
And not only are selling times slowing, but supply is gradually improving – with houses listed for sale in Sydney up by 8% and up 10% for units, annually.
But it remains more challenging for buyers in Regional NSW, with the total number of houses for sale 1% higher compared to last year and 13% lower for units.
“Sellers have become more strategic with their market timing, listing homes for sale while prices remain close to a peak and before additional interest rates rise further puts a strain on borrowing capacity and mortgage affordability,” Nicola Powell, Domain’s chief of economics and research, said.
“This is encouraging for buyers as they slowly take back charge as the supply of properties for sale builds, creating better purchasing conditions, providing home hunters time to contemplate rather than compromise, and ultimately allowing rational decisions to be made.
“There is greater choice and the pleasure of taking a little time if you’re looking to buy.”
Something to remember
When it comes to property investment, changes in the property market will definitely affect how ideal it is for you to act on buying or selling.
- Recognise that times like this create tremendous opportunities, a window of opportunity is opening up now that smart property buyers can take advantage of.
- Now is the time to buy quality assets and remember there are markets within markets – “A-grade” properties are likely to hold their values well.
- Be prepared to take a borderless approach to find quality properties and don’t do it alone.
Be prepared to invest in your future and pay for strategic property and buying advice but be careful to ensure your advisors and independent, unbiased, and paid only by you.
- Make all your decisions based on numbers and facts and in line with a long-term strategic property plan, rather than based on emotion.
- Your Plan should contain the following components:
- An asset accumulation strategy
- A manufacturing capital growth strategy
- A rental growth strategy
- An asset protection and tax minimisation strategy
- A finance strategy including long-term debt reduction and…
- A living off your property portfolio strategy
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