Hobart is Australia’s top-performing capital city, with the strongest value growth and shortest days on market over the past year, the latest CoreLogic data has found.
Mornington, approximately 7km from the Hobart CBD, recorded the shortest days on market for house sales in the country.
Indeed, the five suburbs with the shortest days on market for houses in Hobart have a shorter time on market than the fastest selling suburbs in each of the other capital cities, according to the latest CoreLogic Property Pulse.
For units, Bellerive and Montrose, both of which are in Hobart, and Taylors Hill in Melbourne have the shortest days on market at just eight days.
The report found that Sydney’s and Melbourne’s best performing suburbs for houses are typically located on the outskirts of the city. They all hold median house values lower than the citywide medians.
CoreLogic research analyst Cameron Kusher said that housing conditions have changed.
“This is reflective of much stronger demand, particularly over the second half of the year, for lower valued housing in both of these cities.”
In Sydney, the fastest selling suburbs for units are quite mixed; however, each of the them is located outside of the inner suburbs.
The five fastest selling suburbs for units in Melbourne are all located in the outer areas of the city.
“They also have median unit values which are substantially lower than the median for greater Melbourne, suggesting [that] buyers are seeking out more affordable housing options,” Mr Kusher said.
In Brisbane, the fastest selling suburbs for houses are typically “reasonably” close to the city centre, with values only slightly higher than the citywide median.
Mr Kusher added that conditions here have remained stable.
“There hasn’t been any recent policy changes for first home buyers to boost demand at the more affordable end of the pricing range like in Sydney and Melbourne,” the research analyst said. “[And] unlike Sydney and Melbourne, affordability is less challenging in Brisbane.”
Brisbane’s suburbs with the shortest days on market for units are all located within the council area, and all have a median value under $400,000.
Adelaide’s fastest selling suburbs for houses are typically quite close to the city centre. Three of the five have median values well above the citywide median, and the remaining two, Saint Mary’s and Park Holme, are only “slightly” above it.
Mr Kusher said that conditions here are similar to those in Brisbane.
“Affordability is less challenging in Adelaide relative to the larger cities, and buyers are likely to be viewing inner-city areas offering good value.”
Four of the five fastest selling unit markets in Adelaide have a median value which is higher than the greater Adelaide median, suggesting, according to Mr Kusher, that demand is strong at the higher priced end of the market.
In Perth, only Heathbridge has a house median value below the citywide median, while the other four fastest selling suburbs are closer to the city and have higher values.
Mr Kusher said that in spite of house demand in Perth being down around 12 per cent since its peak in 2014, sales volumes have picked up recently and are likely to continue to trend upwards in the short term.
Four of the five Perth suburbs with the shortest days on market for units have median values which were well above the greater Perth median.
“In fact, a number of the suburbs are among some of the most expensive unit markets in the city, sitting within some of the most prestigious suburbs,” Mr Kusher said.
The fastest selling houses in Darwin have longer days on market than the other capital cities, are located “relatively” close to the city centre and all have median values above the citywide median.
“This is a reflection of Darwin’s tough selling conditions and soft housing demand,” Mr Kusher noted.
“Units are typically taking much longer to sell in Darwin than they are elsewhere. All of the fastest selling markets are reasonably close to the city centre.”
In Canberra, the fastest selling house suburbs are generally located around the suburban fringe.
“Charnwood and Holt have median house values which are below the citywide median, although not substantially so,” the research analyst said.
“Hackett is the only suburb not within the Belconnen District of the city.”
Three of the five fastest selling unit markets in Canberra are located within the Gungahlin District. Meanwhile, Amaroo and Page are the only suburbs that have higher median unit values than the Canberra median.