As home values have fallen across most parts of Australia over the past 12 months, the time it takes to sell a property has also increased.
This week we take a look at those regions (based on local government areas nationally) in which the time on market has recorded the greatest increase over the year.
As the housing market has transitioned out of a growth cycle over the last year and values have fallen across most regions, vendors have found it increasingly difficult to sell their properties. The amount of stock available for sale has risen to record highs over the year, vendor discounting levels have increased and the negotiation process has taken longer and subsequently the average time on market has risen across most regions.
This week we are taking a look at those council areas across the capital cities and the regional markets that have recorded the largest increase in their average time on market over the 12 months to October 2011.
Across the capital city markets, the premium housing market of Mosman Park on the shores of the Swan River in Perth has recorded the largest increase in the average time on market for houses over the past year. The average time on market in Mosman Park has increased by 59 days and is currently recorded at 123 days.
Premium housing markets in Perth feature quite heavily amongst those suburbs that have recorded the greatest increase in average time on the market over the year. This result is due to the very weak performance of the premium housing market in that city, with few buyers and lots of homes available for sale.
According to RP Data, the average time on market for houses in Brisbane City Council is 86 days, which is a 25% increase over the year. The average time on market for units was 91 days, a 33% increase.