Hobart rises to become the fastest capital city housing market

By Gerv Tacadena

Hobart's property market recorded the fastest selling period amongst all capital cities last year

Figures from CoreLogic reveal that Hobart properties are amongst the fastest selling across the nation, taking slightly over a month to sell.

CoreLogic's Cameron Kusher said the Hobart market took 33 days for a property to find a buyer in 2017, just one day less than the same period a year earlier.

"Homes have been selling quite quickly in Hobart over the past two years as value growth has accelerated," he said.

The Melbourne housing market, which took an average of 29 days to sell a property in 2016, slowed down to 33 days in 2017.

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In Canberra, homes took longer to sell in 2017, up to 42 days from the previous year's 39. The same was true for the Sydney housing market, which saw its selling period grow to 42 days from 34.

"[For Sydney], the 42 days it currently takes to sell is the longest time on market since May 2016 — up from its recent low of 29 days in February 2017," Kusher noted.

The Brisbane housing market also recorded a more sluggish selling period in 2017, up from 47 days to 53 days. Brisbane has been slowing down since March of 2017, when it recorded a selling period of 43 days.

On the other hand, Adelaide (43 to 41 days), Perth (58 to 53 days), and Darwin (88 to 75 days), all recorded faster selling periods in 2017 compared to the year prior.

Overall, private home sales across combined capital cities took 40 days to sell, up from 37 days in 2016.

"With dwelling values now falling in Sydney and slowing across many cities it is reasonable to expect that over the coming 12 months the number of days it takes to sell a property will trend higher," Kusher said, adding that Sydney and Melbourne would likely suffer given their  rapid rates of sale and strong growth in dwelling values.