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Fastest-selling suburbs revealed

Fastest-selling suburbs revealed

by Sasha Karen 0 comments

Some of the fastest-selling suburbs are located in NSW and Victoria, but it was a sleepy Australian city that took the top spot for fewest days on market, with houses selling after a mere five days, CoreLogic data reveals.

Montagu Bay in Hobart has the shortest median days on market for houses at just five days, while Sydney’s South Penrith and Wyoming, in the NSW Central Coast, have the shortest median days on market for units at seven days.

Due to falling mortgage rates, cities such as Sydney and Melbourne have seen increased demand and rapid rate for sale of properties, CoreLogic research analyst Cameron Kusher said.

Mr Kusher pointed to CoreLogic data which shows that the fastest-selling suburbs are either located in or near capital cities.

“In most instances, the suburbs that are not in capital cities are located in regions close to the capital city, highlighting how housing demand has rippled outwards from the capital cities as prices rise,” he said.

Some analysts had predicted a low rate of sale in Sydney, Melbourne, Hobart and Canberra. However, Mr Kusher said there have been early signs stock levels are beginning to rise, potentially resulting in an easing in the “perceived urgency to buy across some markets”.

“Outside of these areas, suburbs in sought-after locations with relatively low stock available for sale are also likely to see transactions occurring at a fairly rapid pace, especially if vendors ensure that they are setting realistic initial listing prices,” he said.

The fastest selling suburbs are:

Houses

State Suburb Time on market (in days)
NSW Lapstone 9
VIC Tooradin 8
QLD Keperra 10
SA Melrose Park 25
WA Daglish 14
TAS Montagu Bay 5
NT The Gap 41
ACT Ainslie 16


Units

State Suburb Time on market (in days)
NSW South Penrith 7
NSW Wyoming 7
VIC Endeavour Hills 9
QLD Oxley 15
SA Firle 14
WA North Beach 29
TAS South Hobart 10
NT Leanyer 58
ACT Theodore 29
Fastest-selling suburbs revealed
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