How to tell whether your home should have sold by now

 The hype around Sydney’s housing market may lead you to believe your home should have sold. Price growth is persistent and the auction market is going gangbusters. Meanwhile, you’re wondering why your house failed to sell under the hammer and now languishes on the market. 

A variety of factors need to be addressed to solve this conundrum. 

Properties sold under the hammer tend to be transacted in an intense four-week campaign. Blink and you would miss certain sales. I hate to break it to you, but several homes have been sold before auction day. 

Selling by private treaty generally involves a different time-scale. 

Domain data reveal a huge disparity between location and average days on the market; homes in certain suburbs have a rate of sale significantly below Sydney’s average of 55 days.

Houses in the lower northern suburb of Riverview had the shortest time on market with buyers making snap decisions in a mere nine days. Prices are not for the fainthearted — double Sydney’s median at $2.260 million.

Buyers did not mess around in Kurnell with a rate to sale of 10 days. They took 12 days to purchase Narraweena and 13 days in Alexandria and Summer Hill. Alexandria has transformed from an industrial hub to a sought-after residential area. The mix of large Victorian homes and new development attracts a broad spectrum of buyer types.

But not all Sydney suburbs perform with such ferocity. Performance ranged from Riverview’s nine days to an average of 258 days for houses in Whale Beach.

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The speed to sale was just as quick for units in certain suburbs. Rosemeadow units sold as quickly as they appeared, spending on average 13 days on the market. In other suburbs, units spent little time on the market compared with Sydney’s average of 57 days. The rate to sale in Bronte was a snippet at 14 days, Cammeray 17 days, Collaroy 19 days and Kurraba Point 20 days.

There are many reasons setting suburb performance apart. Of course, a major aspect is supply and demand – basic economics. 

There are things to consider if your home is lingering on the market. Reassess the asking price. Comparative analysis of recent sales should help to determine the price point of your home. 

Has the marketing campaign run out of steam? A refreshed campaign could make all the difference. 

Check out other properties your home is competing against on the market – some minor adjustments could give you a boost. 

Dr Nicola Powell is a data scientist at Domain Group. Tweet your questions to @DocNicolaPowell