Buyers turn to properties in the CBD

Economic uncertainty is pushing buyers towards properties in close proximity to CBDs, where values remain safe because of high demand and low supply.

According to RP Data, properties across Australia are, overall, taking longer to sell than they were 12 months ago. However, properties within close proximity to CBDs are performing strongest.

“This is to be expected as the focus is well and truly on strategic affordability, with a big portion of this strategy relating to being within close proximity to working nodes such as CBD areas,” Cameron Kusher, RP Data senior research analyst said.

RP Data’s research shows that houses are selling quickest in Melbourne (31 days), Canberra (31 days) and Sydney (32 days).

Units have the shortest selling times in Melbourne (28 days) and Sydney (30 days).

Both houses and units are taking longest to sell in Adelaide and Darwin, the only two capitals to show positive value growth in 2008.

“This is likely representative of the fact that vendors are holding out for a better sale price,” Mr Kusher said.