While prices in cities such as Sydney and Melbourne continue to decline and some homes are listed for sale for months on end, there are areas where houses are selling in well under 20 days.
Sellers in regional Victoria are defying the property downturn with homes selling in just 14 days, according to new realestate.com.au data.
With a median sale price of $635,000 Glenlyon is the fastest-selling area in the country, equalled only by Newington in Ballarat, Victoria where houses also sit on market for about 14 days. The median sale price in Ballarat is $467,000.
Colebee, which is near the site for Sydney’s Badgerys Creek Airport comes in at number three nationally, with homes in that suburb selling in 15 days for a median sale price of $1,002,000. The high price in this area reflects, in part, its appeal to developers and investors.
The shortest days on market data looked at those suburbs across the country with the shortest listing times for the six months to 30 April 2019.
For a suburb to qualify, it must have had a minimum of six listings for that period.
The median sale price data covers the 12 months to 30 April 2019.
It’s no surprise that Victoria and South Australia feature in seven out of the ten fastest-selling suburbs in Australia, according to realestate.com.au Chief Economist Nerida Conisbee.
“The Victorian and South Australian suburbs are pretty consistent with what we are seeing with high-demand suburbs on realestate.com.au, that is suburbs with very high views per listing.
“The NSW suburbs are more surprising, particularly given they are in locations that typically don’t rank so high. It may be pricing is making these areas sell relatively quickly,” she said.
Regional areas also feature throughout the list as well, particularly those in commuter towns or near tourist hotspots.
“Regional Victoria is selling quickly at the moment. It also shows how far out people are interested in buying. Glenlyon is 100 kms from Melbourne, but is in the popular Daylesford region,” she said.
Most of the fastest selling suburbs in Australia are priced at under $800,000, highlighting how attractive affordable areas remain with buyers.
“As prices get higher, there are fewer buyers that can afford them. This creates far more demand for lower cost locations.
“Days on market can also be influenced by a lack of auction activity. In more expensive locations, homes typically go to auction, which has a set sales period. This likely extends days on market in popular locations,” she said.
Fastest selling suburbs in Australia: (#10) Clarence Park (SA)
The inner-city suburb of Clarence Park is situated less than six kilometres from Adelaide’s CBD.
With a median sale price of $785,000 its popularity with buyers is growing in part due to its proximity to the more upmarket ‘burb of Unley. Homes here sell in 20 days.
Fastest selling suburbs in Australia: (#9) Belgrave Heights (VIC)
Located in the hills more than 40 kilometres from Melbourne, Belgrave Heights is a high-demand suburb due to its comparative affordability.
The median sale price of $660,00 may well be why this area has seen its days on market cut from 19 to 15 in just one year.
Fastest selling suburbs in Australia: (#8) Linden Park (SA)
Linden Park is another inner-city suburb that is popular with buyers in Adelaide.
Homes in this area have a median sale price of $890,000 and take 19 days to sell.
Fastest selling suburbs in Australia: (#7) Kalorama (VIC)
Kalorama is another outer suburb of Melbourne that’s popular with buyers, despite being located more than 40 kilometres from the CBD.
Homes in this area sell in around 18 days, which is actually almost 10 days less than last year. With a median sale price of $710,000 properties in this area are still relatively affordable.
Fastest selling suburbs in Australia: (#6) Towradgi (NSW)
Towradgi is located more than 70 kilometres from Sydney’s CBD and yet houses in this area sell in around 17 days.
With a median sale price of $825,000 this area is more affordable for those prepared to commute into Sydney for work.
Fastest selling suburbs in Australia: (#5) Hammondville (NSW)
Hammondville on the other hand is closer to the CBD than Towradgi and houses in this area also take 17 days to sell.
With a median sale price of $730,000 this area is more affordable and at 35 kilometres from town, it’s a more practical location for a lot of buyers.
Fastest selling suburbs in Australia: (#4) Forestville (SA)
Forestville is an inner-city suburb in Adelaide where houses take just 16 days to sell this year compared with 24 days last year.
The median sale price in this area is just $662,000.
Fastest selling suburbs in Australia: (#3) Colebee (NSW)
Colebee is an outer suburb of Sydney, but it’s also close to the site of the new Badgers Creek Airport.
Homes in this area sell in 15 days but with a median sale price of $1,002,000 it’s primarily attractive to buyers and developers more than homeowners.
Fastest selling suburbs in Australia: (#2) Newington (VIC)
Ballarat continues to be popular with buyers for those prepared to commute to Melbourne, thus homes in Newington sell in just 14 days.
This area is also within the catchment zone of Ballarat Primary School, a state-run school that traditionally has had above-average Naplan results. Homes in this area have a median sale price of $467,00.
Fastest selling suburbs in Australia: (#1) Glenlyon (VIC)
For those who love a good spa treatment, Glenlyon is a great location as it’s just half an hour drive to Hepburn Springs.
Houses in this area sell in 14 days and with a median sale price of $635,000 properties in this area are popular with both investors and those looking for a tree change.
By Danielle Cahill