Aussie Real Estate Market Looks Up - 203,000 Homes On Market

A real estate agent from Queensland, Australia included these interesting stats in his Sept 2009 newsletter (photo shows houses in the idyllic Kawana Island area on Queensland's Sunshine Coast):

WEEKLY KEY STATISTIC – VENDOR DISCOUNTING

The level of vendor discounting and time it takes to sell a property has improved significantly compared with last year. The average market discount for houses across the country is now 5.4% compared with 6.9% last year. That means for a house listed at $500,000 it will, on average, eventually sell for $27,000 less than the asking price compared with $34,500 less at the same time last year. Homes are taking a shorter period of time to sell, with the average Australian house taking about 40 days to sell (compared with 53 days at the same time last year).

LATEST NATIONAL AUCTION CLEARANCE RATES

Auction numbers were up 22% compared to last week – auction volumes haven’t been this high since May of this year. The weighted average clearance rate across the nation is now 80% with all capitals recording a clearance above 60% last week.

ADVERTISED STOCK ON THE MARKET

New listings to the market remain controlled with 45,475 new residential properties added to the market over the last four weeks – much lower than the same time last year. There are now just over 203,000 homes available for sale across Australia with an estimated value of $120 billion.