How Long Does it take to Sell A House

How Long Does It Take to Sell a House

A recent survey highlights a surge in Australian residential property prices over the past decade, reaching a record high of nearly $934,000 in December 2023. With this increase in property prices, you might be considering selling your property.  

But how long does it take to sell a house? If this question has crossed your mind, you’re in the right place. We’re here to guide you through everything you need to know about the time period for selling a house. 

On average, it takes 30 days to sell a property in Australia. However, this number can vary depending on several factors, such as the type of property (apartments, residential houses), the market, the location (metro cities or rural areas), the price of the property, the time of year you are selling, and many other factors. Let’s explore these factors one by one. 

Factors Affecting Your House Selling Time 

FACTORS AFFECTING SELLING TIME

So, how long does it really take to sell a house in Australia? The average time for a house to sell is calculated in the market by using a stat called ‘days on market’ (DOM). It basically tells you the average number of days a property is listed to the date buyers sign the contract of sale. But DOM can vary depending on several factors such as: 

  • The Selling/Buying Market

Beyond the specific details of your house, the overall market temperature plays a big role in determining how long it takes to sell a house. Remember the pandemic times in 2021? The pandemic fuelled a surge in demand for houses with backyards, and houses were sold quickly with a median time on the market of just 24 days, compared to 39 days the year before.  

This is because the interest rates were slashed to 0.10%, making homes more affordable. As a result, the number of houses listed for sale decreased, increasing the competition among buyers for the limited choices. Even though things have cooled down a bit in 2022, with the median DOM reaching 30 days, it’s still a relatively quick turnaround. This suggests the market is still tilted in favour of sellers, at least for now. 

  • The Type of Property (Houses and Units) 

Data shows it didn’t matter much in 2022 whether you were selling a house or a unit. The median time on the market for houses was 29 days, while units clocked in at 33 days. So, while units might take a few extra days to find a buyer, it’s not a significant difference. 

  • House Appeal and Price 

There are certain factors that influence how quickly a house sells, beyond what the seller can control like the economy or location. The way you present your house and the price you set can make a big difference. A house that’s well-maintained and attractively priced is much more likely to sell quickly compared to a house that’s overpriced and needs repairs. A good real estate agent can recommend what improvements to make to your house and suggest a fair asking price to attract buyers and get your house sold fast. 

  • Location (State wise) 

The time it takes to sell a home can vary significantly depending on the state. The national average is around 30-40 days, but some states move much faster. 

Here’s the table for better understanding of the DOM across Australian states: 

State/Territory 2020 Median 2021 Median 2022 Median 2023 (Until March) Median
National Average 39 24 30 45
New South Wales 32 25 34 48
Victoria 38 24 29 46
Queensland 29 17 21 40
Western Australia 48 21 21 27
South Australia 76 66 61 60
Northern Territory 78 77 83 92
Australian Capital Territory 39 32 35 45
Tasmania 22 11 17 52

 

  • In 2022, selling times actually went up in most places after a big drop in 2021. Western Australia and South Australia are the exceptions – they got even quicker! 
  • As of 2022, the fastest sales were in Western Australia and Queensland, where homes typically sold in just 3 weeks.  
  • On the other hand, it took a lot longer in the Northern Territory, with an average of nearly 3 months to find a buyer. 
  • New South Wales and Victoria are pretty close to the national average, selling in around a month.  
  • South Australia and the ACT take a bit longer, with sales averaging around 2 months. 

Best Months to Sell a House 

Spring and summer are the prime selling seasons, as indicated by recent data from over 51 million home sales. This data suggests that April, May, and June are the golden months for sellers, potentially fetching premiums of 10% or more above market value. May alone takes the crown with a whopping 16 best days to sell!  

So, if you’ve been considering putting your house on the market, now is the best time to capitalise on this hot market and potentially gain a significant financial advantage. 

Check different Property selling strategies

Why the springtime surge? 

As the weather warms up, buyer activity explodes. This creates a competitive environment where your beautifully presented home can shine. It’s a win-win: buyers are eager and motivated, leading to potentially higher offers for you. 

This line chart breaks down sales data for single-family homes and condos from 2011 to 2022, highlighting the prime selling months (April, May, June) with the highest seller premiums. 

line chart - Real estate

Looking at the data, seller premiums tend to decrease by September, dropping a significant 17% compared to the springtime peak. This decline coincides with the start of the school year, potentially taking families out of the buying pool. 

November is not the best month to sell your house, with seller premiums down to just around 6.3%. 

This decline is due to the busy holiday season, and homebuying activity, which make people more focused on family, travel, and festive cheer, leaving less time and energy for house hunting. 

Quick Tips to Sell Your House Faster 

1) Price Your Property Competitively 

Pricing your home accurately from the outset can attract more buyers and lead to a quicker sale. Work with your real estate agent to conduct a comparative market analysis and determine the optimal listing price for your property. 

2) Enhance Curb Appeal 

First impressions matter, so invest time and effort in improving your home’s curb appeal. Simple enhancements such as landscaping, painting the front door, and cleaning the exterior can make a big difference in attracting potential buyers. 

3) Stage Your Home 

Staging involves arranging furniture and decor to highlight your home’s best features and appeal to a broad range of buyers. Professional staging can help buyers envision themselves living in the space and can lead to faster offers. 

4) Be Flexible with Showings 

Ensure your home is accessible for viewings at times convenient for potential buyers, such as evenings and weekends. The more accessible your property is, the more opportunities you’ll have to attract interested buyers. 

5) Auction 

This method involves setting a date and time for a public bidding competition conducted by a licensed real estate agent. It can create a sense of urgency and potentially get you a higher price. 

6) Sale by Expression of Interest (EOI)

Similar to an auction, buyers submit their best offer by a specific deadline. This can speed up the sale and create a competitive atmosphere. 

7) Work with an Experienced Real Estate Agent 

A knowledgeable and experienced Real Estate agents Huskisson can guide you through the selling process, market your property effectively, and negotiate on your behalf to achieve the best possible outcome. Get an agent familiar with the ins and outs of your local market.  

Sell The Right Way with Wright Way Realty 

Selling your home is a life-changing decision, and at Wright Way Realty, we understand it deserves a premium experience. We’re not just another real estate agency; we’re highly skilled agents dedicated to getting the best possible outcome for you. If you are Confused about how to sell a House then Our experts can helps you sell your house quickly and for a superior price.

We handle everything, making the selling process as smooth and stress-free as possible for you and transparent on the cost involved while selling a house. We’re by your side every step of the way, offering expert advice and unwavering support.

To sell your home for the top dollar this Spring, contact us today and let our experienced agents guide you through a smooth and successful sale!