This recent article suggested 94 days to sell on Average.
Kev
Kevin Hockey Business Solutions
94 days to sell a house
Article from: October 26, 2008 11:01pm
HOUSES are taking a month longer to sell as buyers show more caution on Adelaide's property market.
Figures from Australian Property Monitors show Adelaide homes spent an average of 94 days on the market in September, up from 66 days in December last year.
Real Estate Institute of SA president Robin Turner said homebuyers were becoming more circumspect. "It has gone from one of the most encouraging and enthusiastic markets to one of moderate caution, all in the space of a year," he said. "People are taking their time to make a decision on buying a property, whereas last year they didn't mind if they paid a bit too much."
Rosalind Neale, from Neale Realty, said houses were taking just four to six weeks to sell at the end of last year. "Some were even sold through the internet before they made it on to the market," she said. "Things have definitely levelled out in the past few months. There are a lot of buyers out there but there's not the same sense of urgency to buy now."
Mr Turner said vendors had become "more realistic" and adjusted their prices accordingly. "The misplaced optimism has gone and people have become very pragmatic," he said. "But that's not a bad thing, it's a very healthy market now."
Ms Neale said vendors who priced their property reasonably were still able to sell. Adelaide's house prices have shown the first signs of a slowdown, with the market dropping 2.17 per cent in the September quarter.
Sadie Cranston-Gapes and John Gapes have had their three-bedroom Dulwich home on the market for five weeks. Ms Cranston-Gapes said similar houses in the area were taking only a week to sell at the same time last year. "There has been quite a bit of interest but no one's biting," she said.
"People have become scared to buy but they shouldn't be. "Now is the best time to buy."
