The sales of apartments have outpaced those of houses in some of Sydney’s busiest suburbs, thanks to the influx of first-home buyers and downsizers into the market.
Domain reported that houses and units in Sydney now take the same amount of time to sell, with an average of 67 days on the market over the six months to August.
“Units typically take longer to sell because there’s been a lot of supply, a lot of off-the-plan sales,” said Domain senior research analyst Nicola Powell.
“They are now on par … reflecting the trend of clearance rates and prices for units holding up better relative to houses.”
Sydney’s lower north shore saw the average time to sell a house increase by 20 days year-on-year to 54 days, while the market time for apartments remained stable at 41 days. Units in Cremorne sold three times faster, or seven weeks earlier than houses. Suburbs like Mona Vale, Mosman, Fairlight and Newport also saw apartments selling four weeks faster or more than houses.