How long do you have to snap up a property in the current market?
You open up the real estate app on your phone, scroll through a few listings, and then there it is: the home of your dreams, ‘added 1 hour ago’. So just how long do you typically have to act in this hot market?
Well, let’s just say it definitely helps to have spoken to us about pre-approval if you’re actively house-hunting right now.
That’s because the average number of days properties are listed for sale on realestate.com.au reached record lows in every state in March, according to the REA Insights Housing Market Indicators Report April 2021.
And that’s likely got something to do with the fact that demand is extremely strong, with ‘views per listing’ at record highs.
So just how long are properties listed for?
The average number of days properties were listed on the realestate.com.au website was 48 in March 2021.
Properties sold the fastest in the ACT (average of 25 days listed), New South Wales (27 days) and Victoria (30 days).
Tasmania (37 days), South Australia (48 days) and Queensland (54 days) were positioned in the middle of the pack, however, they dropped 9, 17 and 19 days respectively over the course of the month.
And while properties in Western Australia (71 days) and the Northern Territory (59 days) took the longest time to sell on average, they recorded the largest falls in average time online over the past year, down 28 and 14 days respectively.
Views per listing and property price searches are also up
Properties are currently viewed an average of 1694 times on realestate.com.au – up from 819 in March 2020.
“This growth can be attributed to several factors, including record-low borrowing costs, government support packages for first-home buyers and limited available stock,” the REA report states.
Buyers are also on the hunt for more expensive properties than they were a year ago.
The percentage of searches for properties valued between $750,000 and $2,000,000 has increased to 52% in 2021, up from 47% in 2020.
Get in touch today to find out more about pre-approval
Make no mistake: competition amongst buyers is fierce.
More people are house hunting for more expensive properties, with fewer days to secure finance for the home of their dreams.
This all highlights the importance of exploring your borrowing options with us in advance, in order to increase your chances of securing a property in this hot market.
Disclaimer: The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute tax or financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.