For some sellers, it can seem as though their house is on the market for an eternity, but for others, the biggest transaction of their lives can happen in a matter of ten days. If the property market was a race, would your house be the tortoise, or the speedy hare?
Unlike the moral of the tortoise and the hare story though, when it comes to selling your home, slow and steady sadly doesn’t win the race.
A variety of factors can impact how long your home is on the market for. Chief Economist at realestate.com.au, Nerida Conisbee, says one of the biggest factors is the location of your home.
“Popularity is a major one – if your suburb is in high demand, then houses typically get sold quicker. The way the property is sold however can also make a difference – auctions typically have a set time in market, even if they are in high demand suburbs. Private sales however can be very quick,” she says.
“It is less common to see private sales as most vendors like the competitive element of an auction. It’s the main reason why we often see the quickest selling markets in outer suburbs where auctions are less common.”
What sellers have to remember is that while this may be the biggest transaction they’ve ever made, it can also be the biggest transaction the buyer has ever made, so it may take time for them to come to a decision.
The fastest selling suburbs
Victoria and South Australia boast the top three fastest selling suburbs in the country where the exchange is done and dusted in a matter of days.
1. Kallista, VIC
Kallista is the fastest selling suburb in all of Australia with a house spending a median of just 10 days on the market before selling.
It’s not exactly close to the city – 39km in fact – and the median house price is $704,500. However, houses here are clearly in demand.
2. Millgrove, VIC
The second fastest selling suburb is Millgrove which is 60km from Melbourne’s CBD.
A house will typically be on the market for 12 days before selling. You can still snag an abode here for $365,000 which must be why the area is piquing buyers’ interests.
3. Gilberton, SA
This inner northern suburb of Adelaide is hot property among buyers. You can expect a home to be listed for just 13 days before closing the deal.
Considering the median house price is $1.18m, it’s not cheap to buy into this neighbourhood. However, it is within close proximity to the city and boasts easy access to Torrens Linear Park, so location is clearly the buy-in factor here.
The slowest selling suburbs
These suburbs may be puffing and panting in the race, but they eventually reach the finish line and sell. New South Wales, Western Australia and South Australia had the three slowest selling suburbs.
1. Berowra Waters, NSW
Berowra Waters in the northern suburbs of Sydney is idyllic, immersed in nature and with waterfront views.
With a population of 120 people, it’s a tiny town and property tends to stay on the market for up to 608 days before selling.
A median house price of $1.15m isn’t cheap, but surely the longer the home stays on the market, the more likely the owners would be to drop the price.
2. Bellevue, WA
This Western Australian suburb is 17km from Perth and the median house price is $359,250.
A house can spend a median of 316 days on the market before selling. That’s a lot of money spent on real estate marketing.
3. Lamb Island, QLD
The third slowest selling suburb in Australia is Lamb Island on the southern edges of Moreton Bay, 39km from Brisbane.
There’s a fine line between being secluded or isolated though, and living on this island means you would feel very separate from the rest of bustling Brisbane.
Perhaps this is why a property is on the market for 240 days before selling.
If your home has been on the market for more than six weeks (which is the nation average for homes on the market according to CoreLogic data), Conisbee has some advice to help sell your home.
- The house may not be priced appropriately, so adjusting this can lead to a quicker sale.
- You could get an interior stylist into the house to help it appeal to a wider market. Basic is always better.
- Small fix-ups around the house can help – a quick paint job for example can make a big difference.
- The market could just be soft, in which case, it may pay to wait for the market to get better.
- Communicate openly with your real estate agent to get to the bottom of why they think it may be taking longer to sell and what you can both do to fix this