- Hobart is Australia’s hottest capital city housing market with prices rising more than 10% over the past year.
- Hobart is also home to the suburbs where properties are currently selling the fastest.
- The quickest turnover in Sydney and Melbourne is on the urban fringe.
While as a whole, Australia’s housing market isn’t as hot as it once was, especially in the southeastern capitals, that’s not to say there aren’t some parts of the country where property remain in hot demand in early 2018.
There are, regardless of which city you live.
This is no better demonstrated by the table below from CoreLogic, revealing the suburbs where homes are selling like hot cakes right now.
For clarity purposes, the analysis is calculated by comparing the date at which a property is first listed for sale to the date a contract is signed. Importantly, it does not include homes sold at auction.
Mirroring the price performance over the past 12 months, CoreLogic says that many of the hottest suburbs in Australia are located in its southern capital, Hobart.
“Line honors goes to Australia’s top performing capital city Hobart,” says Cameron Kusher, research analyst at CoreLogic.
“A standout performer with the strongest market conditions over the past year in terms of value growth and where the suburb of Mornington, approximately 7kms from the Hobart CBD.
“In fact, the five suburbs with the shortest days on market for homes in Hobart have a shorter time on market than the fastest selling suburbs in each other capital city.”
Unsurprisingly given that statistic, prices in Hobart have also increased faster than in any other Australian capital city over the past 12 months.
In Sydney and Melbourne, Australia’s largest and most expensive housing markets, Kusher says the suburbs that recorded the shortest days on market are all located on the outskirts of each city where median home values are lower than the city-wide medians.
“This is reflective of much stronger demand, particularly over the second half of the year, for lower valued housing in both of these cities,” he says.
That trend is flipped in Brisbane, capital of Queensland, where the fastest selling suburbs are typically close to the city centre.
“Unlike Sydney and Melbourne, affordability is less challenging in Brisbane and 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,” says Kusher.
That theme is also evident in the South Australian capital of Adelaide, as well as Perth in Western Australia.
“Similar to 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,” Kusher says.
“In Perth, Heathbridge, one of the five suburbs listed has a median value below the city-wide median while the other four suburbs are relatively closer to the city centre and have higher values.”