Days on market is a strong indicator of how the private treaty sales market is performing.
And the most recent statistics certainly show how the capital city markets are performing away from the auction rooms.
Things have slowed down as the details for the August month show.
The data has been provided by Australian Property Monitors.
Property Observer has put sunshine over the best-performing August of the past nine years… and clouds over the slowest performing August.
There are four capitals currently in the doldrums – Melbourne, Brisbane, Adelaide and Perth.
And the last ray of sunshine was Canberra in August 2007.
Perth’s August 2006 – when houses were walking out the door in real quick time, within 28 days of listing – was by far the quickest August of any of the capitals over the past nine years.
Interestingly August 2003 was Sydney’s halcyon era, getting nowhere near it ever since.
Melbourne too had its best August in 2003, but in August 2010 its private treaty listings sold in pretty quick time.