Top Suburbs Selling Faster Than Last Year

Posted on 23/11/2018  
Top Suburbs Selling Faster Than Last Year

According to the latest data from realestate.com.au, many Australian suburbs are selling at a faster rate than they were at the same time last year.

The data found the country's top-performing capital cities are now Hobart and Adelaide, with houses “flying off the shelves” in those metro areas.

REA Group chief economist Nerida Conisbee says that while Tasmania's housing market has been booming, Adelaide was “a surprise newcomer”.

"The list is interesting in that when we looked at it six months ago, it was dominated by Hobart, which is the strongest market in Australia at the moment in terms of price growth - but now more Adelaide suburbs have come on the list," she says.

"Adelaide is like Hobart in that it is very affordable which means it attracts quite a bit of interest. We are seeing better economic growth as well; there has been quite a lot of job growth and investment in defence and manufacturing, so Adelaide has a bit going on."

Conisbee says buyers are increasingly looking away from Sydney and Melbourne in an effort to find more affordable properties with potential for growth.

And she says there is a clear link between the rate of sales in a certain area and house prices.

"When there's more competition for homes it definitely tends to show up in pricing because when more people want to be there, sellers have a greater advantage," she says.

The data reveals the top 10 fastest selling suburbs in each state.

In NSW, Colebee in western Sydney took out the top spot followed by Normanhurst in Sydney's upper north shore, Queens Park in the eastern suburbs, Wheeler Heights in northern Sydney and Woronora in the city's south.

Pearcedale, a township 49km south-east of Melbourne, came out on top in Victoria followed by St Andrews, which is 36km north-east of the capital. The inner Melbourne suburb of Balaclava came third, followed by Eltham North and Fitzroy.

The fastest-sellers in Queensland were found in the Brisbane suburbs of The Gap, Paddington, Woolloongabba, Grange and Ashgrove.

In Western Australia, Leederville, Shenton Park and Watermans Bay dominated, with Page, Spence and Higgins taking out the top spots in the ACT.

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