Of the capital cities, Brisbane saw the fastest pace of home sales at just 36 days, but Perth saw the biggest drop in the time it took for a home to sell.

Compared to the same period last year, Perth homes were on the market for an average of seven fewer days than last year.

In many urban areas, however, properties are selling faster. We looked at the three metro areas with the shortest median time to market in each city.

Brookdale, Seville Grove and Camillo in Perth's southeast are among the top cities in Australia. In the 12 months ending November 2023, homes in these urban areas sold in just nine, 10 and 12 days, respectively.

In Melbourne, Wandin North, Belgrave and Bayswater North in the Outer East are the fastest-selling urban areas. The property was on the market for just over two weeks.

The suburbs of Currans Hill, Camden South and Raby in Sydney's outer South West are selling the fastest, while in Adelaide's Central and Hills area, homes in Bridgewater are selling the fastest.

Marsden and Heathwood were the most popular among buyers, with properties sold after just 18 days on the market.

The downward trend in the number of days on the market is mainly driven by strong demand.

Despite the recent rise in interest rates, they may already be at or near their peak. Home prices have also risen for 11 consecutive months, which has improved buyer sentiment and lured them back into the market.

Difficult rental conditions have also prompted many people to switch from renting to the home-buying market.

This high level of demand is expected to continue in the coming months. As a result, the number of days on the market in capital cities is likely to decrease further, particularly in Perth and Adelaide, where listings are thinner and homes more affordable than before the pandemic.