Canberra still somewhat snappy, but days on market increasing in many capitals as property market cools: APM

The number of days property is lingering on the market before sale is increasing in most capitals and was higher in June 2012 than two years ago across Australia, according to Australian Property Monitors.

In Sydney, Melbourne and Canberra the average days on market figure for residential property peaked in the traditionally slow month of January this year. It took Sydney vendors an average of 95 days to sell property in January, slightly more than the 88 days it took on average in June 2012 and well up on the 62 average in June 2010.

Melbourne vendors took an average of 103 days to sell property in January this year, more than 50 days it took on average in June 2010. The number of days on market had fallen slightly to 96 by June 2012.

The number of days on market peaked in Canberra in February this year at an average of 87 days, with vendors taking an average of 82 days to secure a buyer in June. 

In Brisbane and Hobart the number of days homes lingered on the market in June 2012 was the highest it had been for more than two years. The days on market figure in Perth in June 2012 was just one day short of its April 2012 peak of 137.