Demand for properties is high and in some suburbs homes are getting snapped up in under a fortnight.
The number of days a property has been on market has been trending down in our five largest capitals over the past six months.
In capital cities, homes are selling fastest in Brisbane at just 36 days, but Perth has seen the largest fall in the time taken for a property to be sold.
Compared to a year prior, Perth homes are typically on market 7 days less than a year prior.
However, there are many suburbs where properties are being sold even quicker. We looked at the three suburbs with the shortest median days on market in each city to determine what they are.
Brookdale, Seville Grove and Camillo in Perth's South East took the top spots nationally. Homes took just 9, 10 and 12 days to sell respectively in the 12 months ending November 2023.
In Melbourne, Wandin North, Belgrave and Bayswater North in the Outer East region were the fastest selling suburbs. Properties were on the market for just over two weeks.
Outer South West suburbs of Currans Hill, Camden South and Raby homes were snapped up the quickest in Sydney while Bridgewater homes in the Central and Hills region were sold fastest in Adelaide.
Marsden and Heathwood were the most popular among those looking to buy with properties only on the market for 18 days before they were sold.
The downward trend in days on market has mainly been driven by strong demand.
Despite the recent increases in interest rates, they are likely at or nearing their peak. Home prices have also risen for 11 consecutive months which has improved buyer sentiment and drawn them back to the market.
Difficult rental conditions are also seeing many people shift from the rent to buy market.
We expect this heightened level of demand to continue in the coming months. As a result, it is likely that the days on the market will decline further in our capitals, particularly in Perth and Adelaide, where listings remain lower than pre-pandemic levels and homes are more affordable.