Homes Selling At Record Speeds

The property boom shows no signs of slowing down, with Aussies buying properties at record speeds.

Homes sold on average in just 32 days in May, down from 37 days in April, according to realestate.com.au. But eager house-hunters were even quicker in some states, with properties on the website selling in just 24 days in the ACT, 27 in NSW and 28 in Victoria.

Anne Flaherty, realestate.com.au economist, says the market continues to boom, with demand outpacing supply. “We are seeing properties sell at record speed, so buyers are having to move quickly to compete in these market conditions,” she says. “While demand may moderate over the coming winter months, views per listing increased in May and is now just shy of its historic high earlier this year.”

The report also reveals that, for the first time, there were more than twice as many searches on realestate.com.au for properties over $1 million than there were under $500,000.