Here’s where homes are taking longer to sell

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However, PropTrack director of economic research Cameron Kusher said the increase wasn’t cause for alarm. He said that after record selling speeds during the pandemic, the market is returning to a normal rhythm despite the lower number of properties available for sale.

“It really does highlight how much conditions have shifted over the last 12 months,” Kusher told The Australian. “Time on market was still generally lower than it was before the start of the pandemic. Given how much rates have risen over a short period of time, we’d expect that levels would head back towards those longer-term averages at least.”

The increase in time on market is primarily for private treaty campaigns, The Australian reported. Tim Snell, chief executive of Ray White NSW, said auctions saw stronger performance.

“The volume of buyer demand is probably the same, it just takes more time to get that through,” Snell told the publication.

Kusher said he expected that homes would continue to take longer to sell, but added that low stock levels meant they wouldn’t sit on the market for long.

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