Sydney's sale pace picks up as time on market cut by half: RP Data

Despite the continued terrific auction clearance rates, Melbourne vendors must still expect to discount their private treaty asking prices by 8.9% to secure a sale. Melbourne private treaty houses are typically selling fairly quickly at 46 days.

But only Hobart requires a higher discount of 9.5%, according to the latest RP Data information. Hobart's typical 67 day time to secure a house sale isn't the slowest capital city as Adelaide, Brisbane and Darwin are currnetly taking 70 days or more.

With the fastest sales rate in the country, Sydney private treaty house stock is rushing out the door in just 35 days average time on market with vendors required to typically offer a 6% discount for houses.

For Sydney private treaty established unit stock is even quicker selling in just 32 days average time on market with vendors required to typically offer a 4.1% discount. The data covers the week ending May 26.

Just three months ago Sydney houses were also spending  the least time on average on the market, but it was taking 70 days. Sydney units in late February were typically take 59 days to sell, also the quickest sale type in the country.

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

The rate of vendor discounting isthe average percentage difference between the original listing price and the final selling price.

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 havebeen excluded from the vendor discount analysis.

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