Australian homes are in short supply and selling at record speeds, with the average number of days that homes are listed for sale hitting record lows in every state in March.
According to a housing indicators report by realestate.com.au owner REA Group, dwellings were listed for 48 days on average last month, down from about 60 days in January and 71 days in June last year. Properties sold the fastest in the ACT, at just 25 days. Following close behind were NSW (27 days) and Victoria (30 days).
REA Group says average views per listing have also been surging, with every state hitting record highs in March. Nationally, views per listing were up 6.1% over the month and 107% year-on-year. The report’s author, economist Anne Flaherty, says the growth can be attributed to multiple factors, including government support packages for first-home buyers and limited available stock.
“Buyers are searching for more expensive properties than they were a year ago,” Flaherty says.
Source: Terry Ryder’s Hotspotting “The Week in Real Estate” eNewsletter, 17 April 2021