Sydney and Melbourne dwellings spending less time on market: APM

Sydney, Melbourne and Adelaide have seen significant drops in the amount of time dwellings are spending on the market, while the figure for Brisbane has climbed sharply.

The latest information from Australian Property Monitors shows a month-on-month reduction of eight days in Sydney, 15 days in Melbourne and 13 days in Adelaide. Canberra and the Gold Coast each had a reduction of two days.

The figure for Brisbane, however, jumped from 108 days to 123 days.

Meanwhile, all capital cities except for Brisbane saw either no change or a reduction in the level of discounting that vendors are having to offer in order to sell dwellings.

The average discount required by Brisbane vendors to secure a sale rose from 6.7% to 7.7%.

Source: APM