Selling times for houses across Australia are getting longer as buyers slow down their decision making, except in Canberra where competition continues to heat up.
Data from Ray White and CoreLogic shows Canberra was the only capital city to see a decline in the average days a property stayed on the market, from 36 days in March down to 34 days in September.
In comparison, the average selling times for houses in Melbourne and Perth increased from 18 to 37 days.
Nationally, the average number of days on market rose to 35 in September after hitting a record low of 21 days in March 2021.
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According to Ray White chief economist Nerida Conisbee, an increase in days on market reflects a "mismatch" between buyer and seller expectations.
"Buyers are slowing down decision making and sellers are still wanting very, very high pricing, perhaps higher than what they would have got a few months ago and so that's blown out days on market," she said.
"In Canberra that doesn't seem to be happening yet. So it shows that the price growth that we've seen in Canberra will probably continue longer than what we're seeing elsewhere in Australia."
According to the data, the top three fastest selling suburbs for houses in Canberra were Richardson at an average 20 days, Holt at 23 days and Amaroo at 24 days.
Peter White of Luton Properties recently sold a two-bedroom home on a 991-square-metre block in Richardson in just 10 days.
Initial buyer interest in 10 Chauncy Crescent was around the mid-$600,000 range but a pre-auction bid of $757,000 cut the campaign short.
"The owners that were selling it had done all the stuff that we require to get a really good result [such as] painting, carpets and styling," Mr White said.
He said the strong buyer competition during the recent lockdown has forced Canberrans to be well prepared in order to secure a property.
"[There are] a lot of people that are actually missing out at auctions and they're trying to put their best foot forward prior to the auction," Mr White said.
"To come through a property while we've been doing private inspections, you need to have your pre-approval ... you need to have a solicitor and a mortgage broker at the ready in case we do accept that pre-auction offer."
In Amaroo, a three-bedroom villa at 16 Mornington Street also sold in 10 days.
Listing agent Matt Harmer said 10 days is the standard length of sales campaigns in Canberra right now.
"The market's pretty hot at the moment and we find that basically in two weeks of marketing we'll find the right buyer for the property," he said.
Ms Conisbee said the quickest-selling suburbs are often mid-priced and might be located close to nice parks, shops or schools.
Whereas houses in more expensive suburbs tend to stay on the market longer due to a smaller number of interested buyers.
According to the data, Canberra's slowest selling suburb for houses is Deakin, where the median house price is $1,715,000 and the average time on market is 107 days.
Throsby came in as the second slowest with 93 days and Crace at 76 days.
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