Sydney gets its private treaty sales mojo back with lowest discounting since 2003
The speed of private treaty sales in Sydney during September was at three year lows - taking just 63 days for a typical dwelling sale.
It stood at 82 days during September last year, according to data from Australian Property Monitors.
It was July 2010 when Sydney last had such rapid sales - at the tail end of the 2010 market fillip.
Only Canberra comes close to the speed of Sydney sales, with its typical dwelling currently selling in 70 days.
Four capital cities, including Perth, recorded a shift to slower sales times between August and September.
Adelaide (120 days) and Brisbane (114 days) vendors need the most patience to secure a sale.
At times Sydney private treaty vendors have required just short of 100 days to secure a sale, especially in the mid-summer slow down.
The speed of sales has been among the emerging signals of the strength of the overall market recover in Sydney which began in the auction market.
Source: APM
The discount required by Sydney sellers is also at record low levels with the typical dwelling vendor required to take 4.9% off their asking price to secure the sale, according to APM.
The only month prior to September 2013 with a 4.9% discount level was September 2003, according to records provided by Neil Tan, an APM research assistant.
It was 6.2% last September and 6.7% in September 2011. The highest required Sydney discount over recent years was 7.1% in August 2011.
Camberra's 4.1% required discount bettered the Sydney scenario.
Brisbane and Adelaide vendors need to reduce their asking prices the most to secure their sale.
Source: APM
