Here’s where to haggle

Homes on the market longer can be cheaper

IN a hot market where properties are being snapped up for top dollar as fast as they are listed, new data reveals the suburbs where buyers have the best bargaining power.

The latest figures from CoreLogic show the typical number of days between a property being listed and a contract being signed fell from 59 to 57 in September, pointing to tighter market conditions than pre-COVID.

On the Gold Coast, buyers hoping to haggle for a home should head to the central suburbs of Benowa and Bundall where median days on market rose by more than 40 in the run to September.

Bundall real estate is taking around 91 days to sell while at Benowa, the median time on market is 87.5 days – a jump of 45.5 days since March.

Eliza Owen, CoreLogic’s head of Residential Research Australia, said median days on market was one marker to indicate changes in demand.

“When days on market rise, it indicates demand for property is slowing, potentially giving buyers more bargaining power,” she said.

“Conversely, a trend towards lower days on market implies homes are selling faster and there is reducing scope for negotiation.”

Overall, the Gold Coast saw days on market climb to 49 in the three months to September, from 43 in the March quarter, but this was still down year on year, Ms Owen said.

Across the city, days on market were comparatively high at Main Beach (103) and Hope Island (102) where higher price points led to longer sales campaigns.

Bargain hunters wanting a central location by the beach could consider Surfers Paradise, where properties took 35 days longer to sell in the past three months.

The fastest selling suburb to September was Oxenford where homes were being snapped up in around 21.5 days – 16.5 days faster than in March – while Maudsland saw the biggest three-month change with days on market dropping from 47.5 to 25 days.

Property in Elanora is also hot, taking a median 24 days to change hands.