This is where it takes almost two years to sell a property, even in a boom

Australia’s property market may be booming but in some parts of the country the average it takes to sell a house is longer than 600 days. 

New data from Domain detailing the average days houses and units spend on the market, showed over the six months to January some regions of Queensland, Western Australia, South Australia and NSW suffered from extraordinarily slow-moving property markets.

One agent even reported of a property in WA taking nine years to sell.

The Innisfail-Cassowary Coast region in far north Queensland, which stretches from Cairns to Hinchinbrook Island, topped the list, with houses there sitting on the market for an average of 691 days.

It was closely followed by the Charters Towers-Ayr-Ingham region, also in FNQ, where houses were listed for 673 days.

The Esperance region of Western Australia, known for its famous Pink Lake, saw homes spend 628 days on the market.

It’s a far cry from the other end of the spectrum. Houses in Leichhardt, in Sydney’s inner west, sold the fastest of anywhere in Australia, within 34 days. Sydney’s Sutherland region  homes sell within an average of 40 days, while the Warringah region on the northern beaches saw homes listed on average for only 41 days.

But agents have reported things are looking up in Australia’s slowest property markets as the boom conditions from the capital cities ripples out to the regions.

Principal agent at Raine & Horne Innisfail Chloe Collins said the local market had been “up and down” the past few months had picked up as buyers from Brisbane and the Sunshine Coast looked farther north to buy a house with land.

“Southern buyers are moving into the market so we’re seeing properties selling a lot [quicker],” Ms Collins said. 

She said the more affordable prices and proximity to the Great Barrier Reef were all drawcards for buyers in city areas.

In Esperance, it was a similar story with buyers from Perth looking for more affordable homes on larger blocks of land after the COVID-19 pandemic.

Professionals Esperance selling agent Chris Pope said there had been a definite spike in buyer activity after the area suffered through a 12-year recession where the market stagnated.

He had seen homes listed on the market for nine years, though these were asking for six-figure prices, he said.

“There’s been a significant turnaround in buyer activity,” Mr Pope said. “Summer time was extremely busy and we hope to have that momentum in winter.”

Houses were not the only properties taking time to sell. In some parts of Australia, units were spending more than a year on the market.

The Bundaberg region on Queensland’s south-east coast saw units listed for 500 days before selling, while Darwin City, with 282 days on average, and Darwin Suburbs, with 217 days, made up the three regions with the longest days on market.

Even units in areas close to Sydney and Melbourne spending more than 170 days on the market, though they did not make the top 10 areas.

In the Gippsland-South West region of Victoria, units were listed for an average of 275 days over the six months to January.

But that was quickly changing, according to Barry Plant Drouin’s Jack McMaster. 

“Areas like Drouin and Warragul have traditionally had long days on the market but at the moment it’s literally like a metro market,” Mr McMaster said. “I’m run off my feet — it’s wild. I’m struggling to deal with the quantity of buyers.”

And, Australia’s hottest markets? Houses are selling faster there now, too. Ray White Balmain selling agent Chris Williams, who works in Leichhardt, said the market was so intense that buyers were asking if vendors would accept an offer for their home before the first open for inspection was held. 

“Some owners want to see the campaign run its course [to auction] but others are happy to sell prior to the auction if they get the right price,” Mr Williams said. “They would be selling within 10 days.”