Fastest selling suburbs revealed
Montagu Bay in Hobart is the nation’s fastest-selling suburb, new research has indicated.
New analysis by CoreLogic has revealed the suburbs where properties spend the shortest time on market. Hobart’s Montagu Bay came out on top, with a median time on market of just five days for houses.
For units, South Penrith and Wyoming in NSW have the shortest median days on market at seven days. Endeavour Hills in Victoria follows at nine days.
The majority of fast-selling suburbs were either in or near capital cities, a fact CoreLogic analyst Cameron Kusher said highlighted the stronger conditions in capital city markets.
“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,” he said.
Kusher said strong capital city markets were likely to continue to see short selling times, though he forecast that the pace could ease.
“With mortgage rates and the number of properties for sale remaining low, we would anticipate that the current rapid rate of sale in Sydney, Melbourne, Hobart and Canberra will remain low. However, 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,” Kusher said.