Despite the slowing down of the nation’s real estate, homes are still selling swiftly in certain conclaves of the country.
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According to a new report from the PropTech Group — which is based on analysis of property market listings in the 12 months to June 2022 — three-bedroom homes in Camden South are the country’s fastest-selling dwelling type, commonly snapped up in 14 days.
Joe Hanna — PropTech Group chief executive officer and managing director, provided further insights into the report’s findings, detailing that “90 per cent of the property in the 50 fastest-selling suburb categories are houses”.
“Three out of the five in the top 50 are three-bedroom homes, 14 per cent are four-bedroom homes, 8 per cent are two-bedroom homes, and only 4 per cent are one-bedroom homes,” Mr Hanna said.
The report illuminated the fact that Western Australia’s fastest-selling suburbs take, on average, triple the time to sell than the national average. It also pointed out that no other state is able to match the speed of NSW’s Camden South. The swiftest sale time in Queensland is 21 days, Victoria is 25 days, and Western Australia rests at 41 days.
“This report is more detailed than most market data because it ranks by number of bedrooms, property type, and suburb. Home buyers receive a much clearer picture of the true market dynamics and which investment class promises the best return,” Mr Hanna concluded.
The fastest-selling suburbs in Australia range from the fortnight it takes to sell a three-bedroom house in Camden South, followed by the 16 days it takes to sell three-bedroom homes in both Gordon in the ACT and Tasmania’s New Town.
It takes 17 days to sell a three-bedroom place in Horsley, west of Dapto on NSW’s South Coast, while, on average, three-bedroom homes in Tasmanian towns Norwood, Howrah and West Hobart sell in 18 days, with the same period taken to sell one-bedroom, two-bedroom and studio units in Manly Vale.
The rest of the ranking consists of homes achieving sales in 19 days, made up of four-day houses in Amaroo and Dunlop in the ACT, and three-bedroom places in Narellan Vale (NSW), the ACT’s Wanniassa, Holt, Ngunnawal and Chigwell in Tasmania.
When it comes to the speed of various states’ sales, Queensland’s fastest-selling property type — a two-bedroom home in Gympie — sells in 21 days.
Whereas, four-bedroom homes in Langwarrin, Victoria, are sold slightly slower, taking 25 days to achieve settlement, while in the northern Perth suburb, Hamersley achieves the sale of a three-bedroom home in 41 days, the shortest sale period in the state of Western Australia.
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