Australia’s fastest selling suburbs revealed
The 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|
|St Helena, Victoria||18||$720,000|
|Brookvale, NSW||18||$1.25 million|
|Belrose, NSW||19||$1.4 million|
|Croydon Hills, Victoria||19||$720,000|