DAYS ON MARKET (private treaty): DOM continues to fall across some markets.
Houses have seen a monthly increase in DOM in Sydney and Melbourne. It varies across the capitals annually, with Melbourne, Hobart and Darwin taking longer to sell compared to 2022.
In Adelaide, it's the quickest time to sell since 2004 for houses (61 days) and since 2008 for units (66 days). This is the fourth consecutive month of a decrease for houses.
Perth houses are steady at the quickest DOM since 2006 (38 days), Brisbane is also steady at its fastest in more than a year (46 days), and in Darwin, it is steady at its fastest since January (129 days). Shorter DOM in these cities also indicates slow supply, leaving buyers fighting it out over the fewer options.
Annually, units are taking less time to sell in most cities, apart from Canberra, Hobart and Darwin.
For units, DOM has declined for four consecutive months in Sydney and Adelaide, three consecutive months in Darwin and two consecutive months in Hobart.
Melbourne units are steady at their shortest DOM in almost two years (76 days), Sydney is at its fastest in 17 months (63 days), and Darwin its shortest in 12 months (131 days).
Areas in QLD and WA are driving the decline in DOM.
DISCOUNTING (private treaty): Discounting is seeing a variety of outcomes.
Discounting for houses has fallen to its lowest point in two years in Brisbane, its lowest since mid-2022 in Canberra, Perth and Hobart and its lowest in nine months in Darwin.
Conversely, discounting for houses in Adelaide is at its highest in 16 months. It is the only city to see a monthly and annual rise.
Darwin saw an increase in the discounting rate compared to the same time in 2022.
Sydney and Melbourne saw an increase in discounting over November.
Discounting for units is at its lowest point since 2013 in Perth, a 20-month low in Sydney and a 16-month low in Hobart.
Conversely, discounting for units in Brisbane is at its highest in seven months.
Canberra and Darwin units saw an increase in discounting compared to 2022. While Canberra and Brisbane were the only cities that saw an increase compared to October.
DISTRESSED LISTINGS: Distressed listings continue to fall across all capitals.
Distressed listings have remained low throughout 2023 across most capital cities. Despite concerns about the “fixed rate mortgage cliff”, it seems households have been able to cope with the financial changes following multiple rate hikes.
Perth hit another record-low for distressed listings in November.
Brisbane is at a 19-month low, Sydney, Melbourne and Canberra are at an 18-month low, Adelaide is at a 17-month low, and Hobart and Darwin are at a 14-month low for distressed listings.
Across Australia, only a small pocket of SA3s are seeing higher distressed listings than last year. The highest distressed listings are Blacktown in Sydney, Sunnybank in Brisbane and Weston Creek in Canberra.