According to research from CoreLogic RPData specific suburbs have recorded noticeably shorter selling times than others in the current market.
The average time on market figure is measured by the difference between the initial listing date of a property for sale and the contract date. The figure highlights the rate of sale in a market.
If the days on market are short it is typically indicative of a seller’s market where homes are selling rapidly and buyers have little time to ponder a purchase decision. Alternatively, when the average selling time starts to rise, buyers will typically have more scope to deliberate their decision and negotiate on the purchase price.
Short selling times typically coincide with rising prices and long selling times generally see less upwards price pressures.
In most cities it is either the more affordable of ‘middle’ priced suburbs where the rate of sale is quickest, showing that those areas with the largest pool of buyers are typically going to achieve sales quicker.
The suburbs with quickest selling times in Darwin are as follows:
Wagaman – $540,000 – 51 days
Nakara – $638,500 – 59 days
Moil – $560,000 – 61 days
Farrar – $640,000 – 67 days
Bakewell – $520,000 – 72 days
Bayview – $690,000 – 66 days
Coconut Grove – $406,150 – 69 days
Brinkin – $405,000 – 73 days
Millner – $450,000 – 77 days
Bakewell – $400,000 – 78 days
Sourced from Realestate.com.au with data supplied by CoreLogic RPData
For further information visit http://www.realestate.com.au/blog/sellers-market-suburbs-with-the-shortest-sale-times/?rsf=edm:marketupdate:aug:2015:a6:c