The time it takes to sell a home in Melbourne has risen to 94 days, the highest figure ever recorded for Melbourne by Australian Property Monitors (APM) since it began tracking selling times in 2001.

With a static housing market and the possibility that Australian interest rates may soon rise, APM forecasts Melbourne house prices could fall 5-10 per cent in the next year if there is more than a 1% interest rate rise.

In Sydney, residential property prices have been averaging over 100 days on the market for the past year, while in Perth, it took only 36 days to sell the average home during September, according to APM.