Market power shifts strongly towards buyers

If you’re a property buyer, CoreLogic has got some very encouraging news for you.

Across Australia, days on market (the median time it takes for properties to sell) rose from 21 to 34 days between the December quarters of 2021 and 2022.

As the chart shows, days on market rose in all capital cities and all but two regional markets.

Why’s that good news for buyers? Because an increase in days on market reflects a decrease in competition. So it’s become easier for buyers to find a great home at a fair price.

Conversely, it’s become harder for sellers to attract buyers. That means it’s now more important for vendors to accurately price their home.