According to the newest REA Insights Market Indicators Report, properties are selling at a record rate, with the average number of days on market dropping to a historic low of 32 days in May.
The monthly report studies consumer behaviour in real-time by extracting property market insights from the 12 million Australians who visit the realestate.com.au site monthly. By consolidating eight key metrics, the report can provide an up-to-date view of the property market and emerging trends.
Executive Summary
Australia’s property market maintained its strong performance in May, with demand vastly outstripping supply. To compete, buyers are moving quickly and as a result, properties are selling faster than ever before.
The economic value of debt and the anticipation of capital growth is pushing investors back to the market. Surprisingly, first-home buyer enquiry increased in May after trending down since January.
Demand for larger dwellings is proceeding to grow and the number of buyers looking for more than three bedrooms has increased.
As we travel into winter, the number of properties listed for sale may begin to decline. Even with search volumes down, a softening in supply may help to sustain above-average views per listing.
A copy of the report can be downloaded here.