Properties in some suburban cities still selling quickly

Houses and units in Melbourne are selling quicker than in other capital cities around Australia, according to research by RP Data.
Although property is generally taking long to sell, figures show that in some suburbs within the mainland capital cities it’s still selling within a short time frame.
In an analysis conducted to November 2008, research analyst Cameron Kusher found houses in Melbourne and Canberra were taking an average of 31 days to sell, while Sydney houses were selling in 32 days on average.
Meanwhile, units in Melbourne, Sydney and Brisbane had the shortest average time on the market, selling in 28, 30 and 43 days respectively.
Houses in Melbourne’s Bayswater sold the quickest, being on the market for an average of 19 days and units in the Melbourne suburb of
Hughesdale changed hands in the shortest amount of time, averaging 16 days.
Kusher says in most capital city markets properties are taking longer to sell than 12 months ago.
“This is understandable given the current economic conditions and the fact that 2007 was a reasonably strong year for price growth across Australia, excluding the Sydney and Perth markets,” he says.
Houses and units in Adelaide and Darwin are taking the longest time to sell and these two capital cities are the only ones that had positive price growth in 2008.
“This is likely representative of the fact that vendors are holding out for a better sale price,” says Kusher.Australian Property Investor editor Eynas Brodie says sellers who price their property to sell from the beginning will have the best chance of success.
“Gone are the days when you could mark up your property to leave wiggle room for negotiation,” she says.
“In a market where buyers are spoilt for choice, this can be enough to stop prospective buyers from even taking a look.
“It’s important for sellers to remember that a property is only worth what the market is willing to pay for it.”