CoreLogic has released its list of the fastest selling suburbs in Australia.
The numbers show a discrepancy in the speed of house and apartment sales across different regions.
CoreLogic analyst Cameron Kushner said that the rate of sale has increased more rapidly in Sydney and Melbourne over the last few years, helped by high demand in those markets combined with decreasing interest rates.
Here are the top 10 fastest selling suburbs for Sydney and Melbourne, for the 12 months to the end of January 2017:
As expected, housing sale activity is stronger in capital cities than retail areas.
“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,” said Kushner.
Tasmania led the way for the quickest turnaround on house sales, with Montagu Bay recording an average sale time of 5 days.
Here’s the top 10 list for Queensland, SA, WA and Tasmania:
Depending on the location, high capital growth wasn’t directly correlated to quick sales. Although Brisbane only had 5% capital growth over the year, compared to 20% for Sydney, the median turnaround time for Brisbane house sales was still under 20 days.
And here are the territories:
Given the current interest rate environment and low stock turnover, Kushner expects turnaround times to remain low in Sydney, Melbourne, Hobart and Canberra.
However, he noted that “there have been some early signs that stock levels are starting to rise which may lead to 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”.
The CoreLogic data is based on areas where there were at least 10 examples during the year of paired listings and sales. The data relates to private sales only and excludes auctions, as auctions are typically preceded by a marketing period of around six weeks.