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Melbourne houses selling five days faster: RP Data

The past week has seen a five-day reduction in the amount of time Melbourne houses are spending on the market, according to the latest information from RP Data.

In the week to March 31, Melbourne houses spent an average of 45 days on the market before being sold, while in the previous week Melbourne houses spent an average of 50 days on the market.

A five-day reduction also occured in Brisbane, where houses spent an average of 77 days on the market before being sold, down from 82 the week prior.

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‘Time on market’ (TOM) is simply the average number of days between when a property is first listed for sale and the contract date.

The statistics are calculated across results received by RP Data overthe past week and include properties transacted over the past four weeks.

The data is based on private treaty sales only and records without a valid sale price have been excluded from the vendor discount analysis.

The analysis also excludes results where there are less than 10 observations.

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