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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 |
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