Home and away in 16 days
ADELAIDE properties are spending 11 fewer days on the market than compared to a year ago.
The latest Corelogic data reveals the median days on market for houses and units in Adelaide was 41 for the March 2021 quarter – down on the 52 days recorded during the March 2020 quarter.
Houses are selling slightly faster than units, with the median days on market for each during the first three months of the year standing at 41 and 44 respectively. It represents a dramatic dip on previous years, when houses recorded 49 days in the March 2020 quarter and 63 days in the March 2019 quarter, while units notched 53.5 and 68 days in the same periods.
Corelogic research director Tim Lawless said the figures were at a decade low for the March quarter.
“The median selling time for both houses and units reached the lowest level in at least a decade through the March quarter,” he said.
“Such a rapid selling time is reflective of tight stock levels. Total listing numbers remain about 33 per cent below the five year average across Adelaide at a time when the number of home sales is trending about 22 per cent higher than a year ago.”
Fox Real Estate agent Marina Ormsby said there had been a spike in auctions to take advantage of the strong demand – and that was helping properties sell faster.
She said keeping a close eye on new properties, attending open inspections and working with real estate agents, as well as being financially prepared to make unconditional offers, would help househunters secure a home.
“Those (unconditional) offers will have a lot more strength than conditional offers,” Ms Ormsby said. “Being organised is the key.”
Colonel Light Gardens was Adelaide’s fastest-selling suburb, according to realestate.com.au data in the year to the end of March 2021.
Houses there are spending a median of just 16 days on the market with Lower Mitcham next at 17.