Australian residential properties

Hardest place to buy a home in Australia

PHOTO: Houses are selling at record speeds due to short supply

Australian residential properties are selling at record speeds while in short supply, with the average number of days homes are listed for sale on a popular website hitting record lows in every state in March.

According to the latest monthly housing indicators report by realestate.com.au’s owner REA Group, dwellings were listed for 48 days on average last month, down from about 60 days in January and 71 days in June last year.

Properties sold the fastest in the ACT – where demand has been buoyed by growth in public sector employment – at just 25 days.

Following close behind was NSW (27 days) and Victoria (30 days).

REA Group says average views per listing have also been surging, with every state hitting record highs in March.

Nationally, views per listing were up 6.1 per cent over the month and 106.8 per cent year-on-year.

With borrowing costs at record lows, buyers are seeking bigger, more expensive properties like this one in Alderley, Brisbane. Picture: Lyndon Mechielsen/The Australian

With borrowing costs at record lows, buyers are seeking bigger, more expensive properties like this one in Alderley, Brisbane. Picture: Lyndon Mechielsen/The Australian Source: News Corp Australia

The report’s author, economist Anne Flaherty, says the red-hot growth could be attributed to factors including record low borrowing costs, government support packages for first-home buyers and limited available stock.

“Buoyed by low rates, buyers are searching for more expensive properties than they were a year ago,” Ms Flaherty said.

“They are also looking for more space, with inquiries for houses and land surging, while demand for units has softened.”

READ MORE VIA NEWS.COM.AU

MOST POPULAR