Australia’s Fastest Selling Suburbs
Published Jan 10, 2019 10:36
Tasmania has topped the list for Australia’s fastest selling suburbs
Tasmania has topped the list for Australia’s fastest selling suburbs.
A whopping eight of them have placed in the Top 10 with only two suburbs outside the Apple (NASDAQ:AAPL) Isle – one in Western Australia and the other in NSW – according to analysis by RiskWise Property Research and based on CoreLogic’s data regarding the average number of days on the market in the past 12 months.
Lutana, a suburb of Hobart 6km from the CBD, and Mornington, only 7km from the CBD, both achieved an incredible average of six days to sell for houses.
They were followed by three more suburbs of Tasmania and one in Western Australia taking a mere seven days to sell and the remainder taking only eight days, including Castle Cove in NSW.
This is in stark contrast to the Australian average number of days on the market which sits at 43.
RiskWise CEO Doron Peleg said the list was made up of high-demand postcodes.
However, he said it must be noted that while the suburbs in Tasmania were incredibly popular, they were not ‘the entire market’ which was still decelerating.
"A significant increase in dwelling prices in Hobart in recent years, decelerating price growth, fewer people attending open home inspections and fewer inquiries on listings, indicate that housing affordability has made an impact and that the growth rate was unsustainable,” Mr Peleg said.
“However, while these reductions are not surprising given Tasmania is less affordable than five of the states and territories (in price-to-income ratio) terms, the market supply is very small, so this will continue to drive some price.”
He said many of the Tasmanian suburbs that made the Top 10 were less than 10km from the CBD (with Lenah Valley being only 5km) and those that were not had something special to offer buyers.
For example, picturesque Lauderdale is situated 20km from the CBD but is highly sought-after, overlooking Ralphs Bay with easy access to Roches and Seven Mile beaches.
And while the Perth property market is yet to bottom out, Shenton Park, which is only 4km from the CBD, made a surprise appearance on the Top 10 list coming in at No.6 and delivered capital growth of 5.7 per cent in the past 12 months, in contrast to houses in the Greater Perth area that delivered negative capital growth of 3.5 per cent during that period.
Situated close to Kings Park and the Swan River, Shenton Park is a much sought-after area thanks to its easy access to the city, transport hubs and lifestyle amenities.
The only NSW suburb to make it on to the list was Castle Cove which came in at No.10. This upmarket area is set in Sydney’s lower North Shore and is only 11km from the CBD. Houses in Castle Cove delivered a capital growth of 0.7 per cent in the past 12 months, in full contrast to the trend in Greater Sydney where house prices have reduced by 7.6 per cent in during that period.
Mr Peleg said the list highlighted the age-old saying of ‘location, location, location’ or if you don’t have that then having something else special to offer whether that is lifestyle, good schools, access to transport hubs or infrastructure.
“All the things that attract buyers go a long way in ensuring houses sell quickly if the market and the price is right,” he said.
Get The App
Written By: Investing.com
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.