New home listings are selling faster, particularly in capital cities, as increasing buyer confidence and a shortage of new listings drive down the time properties spend on the market, new PropTrack analysis showed.
“The speed at which listings are sold fluctuates over time, decreasing when market conditions are strong and increasing when the market is in a slump,” said Karen Dellow, senior data analyst at REA Group.
Pandemic’s impact on sales speed
Before the pandemic, most new listings sold in 60 days or more. However, by the end of 2020, high property demand led to more new listings being sold within 60 days than those above 60 days. This trend reversed during 2022 due to interest rate rises dampening buyer demand.
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