Australia’s fastest selling suburbs revealed

Adam Smith 23 May 2016 NEWS

house for saleThe most popular suburb sees houses sold in less than a fortnight.

A new report has identified suburbs with the shortest time on market for properties. Data from realestate.com.au shows more affordable suburbs are trumping premium markets in most cases.

Australia’s fastest selling suburb is Kalorama, an outer west Melbourne suburb bordering the Dandenong Ranges National Park. According to the realestate.com.au data, homes spend an average of just 13 days on market, selling for a median price of $506,000.

Only two suburbs with median prices above $1 million cracked the top 10 list, both on Sydney’s northern beaches. Brookvale, with a median price of $1.25 million saw homes listed an average of 18 days before selling. Belrose homes sold after an average of 19 days on the market, with a median house price of $1.4 million.

“Affordability seems to be the biggest driver of quick sales with suburbs that are within commuting distance to Sydney or Melbourne CBDs being the most popular,” REA group chief economist Nerida Conisbee said.

Conisbee said buyers were looking for large family blocks within close proximity of schools and public transport links.

“Within 20km of Melbourne and Sydney CBDs, affordable options with these characteristics are very hard to find. The suburbs that come up as the quickest to sell typically provide this but are located some distance from CBDs,” Conisbee said.

Suburb Average days on market Median house price
Kalorama, Victoria 13 $506,000
Penrose, NSW 15 $464,000
Upwey, Victoria 15 $523,000
Wyoming, NSW 16 $485,000
Bensville, NSW 17 $670,000
Kariong, NSW 18 $595,000
St Helena, Victoria 18 $720,000
Brookvale, NSW 18 $1.25 million
Belrose, NSW 19 $1.4 million
Croydon Hills, Victoria 19 $720,000

Source: realestate.com.au

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2 Responses

  1. Default Gravatar
    AbrahamMay 24, 2016

    I want to move out to Avoca, Victoria.
    Would you be able to tell me approximately what the cost of buying both:
    -a two bedroom unit or
    -a two or three bedroom home.

    Kind regards

    Abraham

    • finder Customer Care
      MarcMay 30, 2016Staff

      Hi Abraham,
      thanks for the question.

      Unfortunately we do not currently compare real estate prices. You might wish to try a search on realestate.com.au or domain.com.au to see what properties are available in Avoca.

      I hope this helps,
      Marc.

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