In a sign that the property market might be on the improve, Ray White Belconnen has recorded average Days on Market (measuring the time from the day a property is first advertised, until the contract for sale goes unconditional) of 31 for properties listed since 1st September 2012.
For the preceding 9 months properties were taking anywhere up to 6 months to sell, and the average time was nearly double the current average at 61 days.
Ray White Belconnen Director, Sam Faulks:
“We are seeing renewed buyer activity in the market at present across a broad range of properties. As an example we had two open homes last weekend that had 25 groups through the open for inspection. Both properties have since gone under offer with multiple offers received.”
“We haven’t seen these sorts of numbers for the past 18 months, and it’s a welcome change for sellers who have been confronted with minimal traffic to their properties over this period.”
According to Principal Ben Faulks, prices have also held up well, with properties experiencing a slightly lower discount rate over the same period, and sellers on average having to accept around 1.5% less than expectations back from the 3.5% over the past 6 months.
“We haven’t seen any real uplift in prices yet, but the downwards pressure seems to have subsided.” said Faulks “The other thing that has been changing is sellers coming to market with expectations in line with the current market, and that has enabled them to realise a result in a shorter period of time.
“There are still some areas where sales have remained difficult – specifically the higher end in Gungahlin and the unit market, where strong supply provides buyers with plenty of choice”.
“Today’s buyers are incredibly well educated with past sales data readily available to them over the internet. If you’re over-priced they simply vote with their feet and don’t come to the inspections”.
For further information contact Ben Faulks on 6173 6300.