Top ten fastest selling suburbs revealed

by Rebecca Pike11 Jan 2019

A list of Australia’s top ten fastest selling suburbs has revealed there are certain parts of the country selling houses much faster than the national average.

Eight locations in Tasmania scored a place in the list, based on data from CoreLogic over the last 12 months and analysis from RiskWise Property Research.

The fastest two locations, Lutana and Mornington, were both Tasmania, where houses had an average of six days on the market.

The national average number of days on the market is 43.

They were followed by three more suburbs of Tasmania and one in Western Australia taking a mere seven days to sell.

Three more Tasmania locations, plus Castle Cove in NSW, finished the list with an average of eight days to sell.

RiskWise CEO Doron Peleg said the list was made up of high-demand postcodes.

However, he said it must be noted that while the suburbs in Tasmania were incredibly popular, they were not ‘the entire market’, which is still decelerating.

"A significant increase in dwelling prices in Hobart in recent years, decelerating price growth, fewer people attending open home inspections and fewer inquiries on listings, indicate that housing affordability has made an impact and that the growth rate was unsustainable,” Peleg said.

“However, while these reductions are not surprising given Tasmania is less affordable than five of the states and territories (in price-to-income ratio) terms, the market supply is very small, so this will continue to drive some price.”

He said many of the Tasmanian suburbs that made the Top 10 were less than 10km from the CBD and those that were not had something special to offer buyers. For example, Lauderdale, which is situated 20km from the CBD but is highly sought-after, overlooking Ralphs Bay with easy access to Roches and Seven Mile beaches.

Peleg said the appearance of Shenton Park on the list was a “surprise”. He said the area delivered capital growth of 5.7% in the past 12 months, in contrast to houses in greater Perth which delivered negative capital growth of 3.5% in the same period.

Castle Cove, based on Sydney’s lower north shore, delivered a capital growth of 0.7% in the past 12 months, compared to greater Sydney where houses prices reduced by 7.6%.