Homes are selling fastest in Hobart and Sydney, while Darwin and Melbourne are the slowest moving Australian capital city property markets, according to new research from Ray White.
On average, the research shows it takes 35 days to sell a property across the eight Australian capital cities, a key demand metric that is blowing out after hitting a record low of 21 days in March, showing that some heat is leaving the market.
“Days on the market is starting to rise, but there are some property types and locations that are selling far quicker than others,” said Nerida Conisbee, chief economist at Ray White.
In Hobart, where there is a housing shortage, homes are selling twice as fast as the national average at just 17.5 days. Sydney comes second at 24 days.
The picture is much different in Darwin, where it takes 56 days on average to sell a property, and Melbourne is also sluggish at 37 days.
There are six suburbs that can claim to being Australia’s fastest-selling markets, pockets where properties have been selling in just six days.
They are Rokeby, Lenah Valley and Kingston Beach in Hobart, the Perth suburbs of Samson and Hillman, and Werrington Downs near Penrith on the western outskirts of Sydney.
“A feature of the quickest selling homes is that they are in reasonably priced, nice suburbs,” Ms Conisbee said.
“Many of them are outer suburban – this has been a key feature of strong demand suburbs during the pandemic.
“Buyers have valued bigger properties with bigger homes and larger blocks more than they used to.“
In Werrington Downs, agents say homes are selling as quick as they list them, provided the pricing is right, to a mix of first and second home buyers.
“It’s a great little spot, a hidden gem,” said Daniel Hulston from Laing+Simmons Penrith.
“Homes are selling straight away, the first weekend. The only reason it wouldn’t go first inspection is if it’s priced too highly.
“We just had one on Hobbits Glen. It went online Wednesday and we organised our first appointments for Saturday.
“We had multiple offers and it was under contract Sunday lunchtime.”
At the other end of the spectrum are suburbs like Deakin, in the Australian Capital Territory, where it takes an average of 107 days to sell a property.
Or Brooklyn, Melbourne, Australia’s slowest selling suburb at 114 days to consummate a sale.
“Slowest selling suburbs generally have something unusual about them. They could be very expensive or difficult to access,” Ms Conisbee said.
“All the slowest selling suburbs in Brisbane are on islands, for example. They could also have features about them that appeal to a smaller group of buyers.
“Brooklyn in western Melbourne isn’t far from the CBD but a lot of the suburb is industrial.”
This article is from Australian Financial Review, please click the following link for the original article: https://www.afr.com/property/residential/australia-s-fastest-and-slowest-selling-suburbs-20211025-p592w6