AS THE MARKET RECOVERS , THIS IS WHERE HOMES ARE SELLING QUICKER
Nerida Conisbee | Chief Economist , Ray White Group
There are fewer properties coming to market but the ones that are have been taking longer to sell . Days on market hit an historical low in June last year , hitting an average of 22 days . Since then , this has risen to 31 days . With price growth back on the move , it ’ s however likely that this will start to soon decline again . In the meantime , there are many suburbs that have homes already selling a lot quicker than last year .
In Sydney , the suburbs that are selling a lot faster than last year are neighbouring suburbs Blakehurst and Penshurst in the south . Not surprisingly , the faster speed in which these suburbs are selling has also led to price growth . Blakehurst ’ s median is up 15 per cent since last year , while Penshurst is up 1.7 per cent .
In Melbourne , the premium beachside suburb of Albert Park is now selling 35 days quicker than it was at the same time last year . Prices are only marginally higher than last year , however are likely to continue to see increases in 2023 .
6 Image : 251 Marmion Street , Cottesloe proudly marketed by Deborah Brady of Ray White - Cottesloe | Mosman Park