A report from RP Data has found houses are taking slightly longer to sell and the original asking price is dropping. Both of which are indicators the national housing market may have already peaked  and is now moving from a seller’s to a buyer’s market.

According to Tim Lawless, from RP Data, the research identified an average 5.8 per cent drop on the original asking price of houses and a 5.6 per cent reduction on units. Home sellers are now beginning to compete with one another on price, allowing buyers more room to negotiate.

The drops have only moved marginally – 0.2 of a per cent for houses and 0.6 per cent for units. But it is the trend that is important.

To confirm the findings the RP Data report also found the average time it took to sell a home was also increasing. Average time on market currently sits at 47 days for houses and 45 days for units.

Tim Lawless from RP Data. Image: blog.rpdata.com

Tim Lawless from RP Data. Image: blog.rpdata.com

“… there has been a slight increase in average days on market over recent months after reaching lows of 36 days for houses and 34 days for units, both of which were achieved in March this year,: Said Mr Lawless.

Analysts wonder if sellers are already sensing the market changing. The number of properties on sale nationally is currently 237,596; a figure lower than this time last year.

Home sellers in Melbourne, Brisbane, Canberra and Hobart are dropping their prices less than home sellers in other capital cities.

With the federal government currently locked in debate about resourcing the construction industry it appears the market is finally giving some good news to buyers.

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