The South East currently leads the nation in terms of the speed of property sales with home units typically selling in about five weeks.

This is one of the findings of the PropTrack Regional Australia Report – December 2022 which analysed sales data across Australia for the month of October.

It found the median time on the market for home units in the South East was only 36 days.

This was well down on the corresponding period in 2021 which was 60 days.

The region also headed the Australian table for houses in October when the median time to find a buyer was 43 days.

Once again, this was well below the 2021 figure of 60 days.

The PropTrack analysts commented broadly on the sales data and identified trends.

“While increasing borrowing costs are a headwind for prices, regional markets are likely to continue to exhibit a lesser pace of price falls,” stated the analysts.

“They remain buoyed by shifting lifestyle priorities, migration trends, and affordability advantages that are still in play.

“Demand for homes in parts of regional Queensland, South Australia and Western Australia continues to exceed that of higher value lifestyle markets of regional NSW and Victoria, with comparative affordability keeping these regions popular for buyers.

“We expect that to continue to be the case.”