This week we look at the suburbs across the capital cities in which houses and units which had the shortest median days on market throughout 2017.
The median days on market figure is calculated by comparing the date at which a property is first listed for sale to the date a contract is signed. It is important to note that this data excludes auctions and only includes properties that have been sold by private treaty.
Hobart which has been the strongest market conditions over the past year in terms of value growth has also recorded the suburb (Mornington) with the shortest days on market for house sales in the country. In fact, the five suburbs with the shortest days on market for houses in Hobart have a shorter time on market than the fastest selling suburbs in each other capital city.
Fastest selling capital city suburbs, houses
12 months to December 2017
In Sydney and Melbourne, the suburbs that have recorded the lowest days on market figures for houses are generally located on the outskirts of the city and they all have median house values which are lower than the city-wide medians. This is reflective of much stronger demand, particularly over the second half of the year, for lower valued housing in both of these cities.
In Brisbane, the fastest selling suburbs are typically reasonably close to the city centre with values only slightly higher than the city-wide median.
Unlike Sydney and Melbourne, affordability is less challenging in Brisbane and there hasn’t been any recent policy changes for first home buyers which have boosted demand at the more affordable end of the pricing range.
Adelaide suburbs listed are typically quite close to the city centre with three of the five having median values well above the city-wide median with the remaining two suburbs (Saint Marys and Park Holme) slightly above the median. Similar to Brisbane, affordability is less challenging in Adelaide relative to the larger cities and buyers are likely to be viewing inner city areas offering good value.
In Perth, one of the five suburbs listed has a median value below the city-wide median (Heathridge) while the other four suburbs are relatively closer to the city centre and have higher values. Housing demand has been weak across Perth since 2014, but more recently sales volumes have been improving after values have fallen by around 12% since their peak.
The fastest selling homes in Darwin have a longer days on market figure compared to the other capital cities; a reflection of the tough selling conditions and soft ousing demand. These suburbs are all located relatively close to the city centre and all have median values above the city-wide median.
In Canberra, the fastest selling suburbs are generally located around the suburban fringe. Charnwood and Holt have median house values which are below the city-wide median, although not substantially so. Hackett is the only suburb not within the Belconnen District of the city.
For units, Taylors Hill in Melbourne and Bellerive and Montrose, both of which are in Hobart, have the shortest days on market at just 8 days.
In Sydney, the fastest selling suburbs for units are quite mixed, however each of the suburbs are located outside of the inner suburbs. Cherrybrook and Russell Lea have median values higher than the Sydney median. Panania is slightly below the city-wide median while the cost of units in North Gosford and Ourimbah on the Central Coast is significantly lower than the city-wide median.
The five fastest selling suburbs for units in Melbourne are all located in outer areas of the city. The five suburbs also have median unit values which are substantially lower than the median for Greater Melbourne, suggesting buyers are seeking out more affordable housing options.
Fastest selling capital city suburbs, units,
12 months to December 2017
Brisbane’s suburbs with the shortest days on market for units are all located within the Brisbane council area and they all have a median value under $400,000; only Wishart and Windsor have a median value which is higher than the Greater Brisbane median.
Four of the five fastest selling unit markets have a median value which is higher than the Greater Adelaide median, suggesting demand is strong at the higher priced end of the market. Each of the five suburbs are located within close proximity to the city centre.
Four of the five suburbs with the fewest days on markets for units in Perth have median values which were well above the Greater Perth median. In fact, a number of the suburbs are amongst some of the most expensive unit markets in the city sitting within some of the most prestigious suburbs.
Sandy Bay was the only suburb to make the list of fastest selling unit markets in Hobart with a median value above the city-wide median. Montrose is the only suburb which is not particularly close to the city centre.
Units are typically taking much longer to sell in Darwin than they are elsewhere. All of the fastest selling markets are reasonably close to the city centre.
Across Canberra, three of the five fastest selling unit markets are located within the Gungahlin district. Meanwhile, Amaroo and Page are the only suburbs that have higher median unit values than the Canberra median.
Senior Research Analyst, CoreLogic
Cameron specialises in primary and secondary data analysis, property market commentary and consultancy. Cameron has a thorough understanding of the fundamentals such as demographics, trends, economics and spatial analysis and is a regular keynote speaker for property-related groups, regulated industry bodies, corporations and the government sectors.
Date posted: 14 March 2018