PHOTO: Australian homes. Image: Getty
Australians looking to sell their homes can expect to wait twice as long as they would have if they had sold at this time last year as the property market continues bottoming out.
In the three months to April 2019, the median time on market was 60 days, the latest figures from property research group, CoreLogic have revealed.
”[But] the typical selling time has risen significantly over recent months and is up from 35 days at the same time a year ago,” CoreLogic research analyst Cameron Kusher explained.
“The rapid rise in time on market is symptom of higher supply (advertised stock levels across the combined capitals are at their highest level for this time of the year since 2012) and less demand.”
He said extended time on the market is a clear indicator of a weaker market, and noted that the longer time to sell is a trend occurring most of Australia.
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