While some suburbs and markets in the property market are experiencing a cooling of prices, interestingly other suburbs are experiencing faster selling rates than they were 12 months earlier. The suburbs that are selling fast have one thing in common – competition from buyers. What’s influencing the buyers for each suburb is a case by case basis, with the two main drivers being location and pricing in terms of affordability.
As you would expect there has also been a change in the country’s top performing capital cities in terms of price growth with Hobart being ranked number one, thanks to it’s strong economy, and Adelaide has come in as number two thanks to it’s lower pricing and steady economic growth.
Here is a roundup of the fastest selling suburbs across Australia.
In NSW, Colebee in western Sydney ranked number one 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.
In Melbourne you are looking at a commute with Pearcedale, a township 49km southeast of Melbourne, ranked number one followed by St Andrews, which is 36km northeast of the CBD. The inner Melbourne suburb of Balaclava came third, followed by Eltham North and Fitzroy.
In Queensland, The Gap, Paddington, Woolloongabba, Grange and Ashgrove in Brisbane were the fastest sellers.
Leederville, Shenton Park and Watermans Bay lead the pack in Western Australia, with Page, Spence and Higgins taking out the top spots in the ACT.
Sydney’s Fastest Selling Suburbs
- Queens Park
- Wheeler Park
- West Pymble
Melbourne’s Fastest Selling Suburbs
- St Andrews
- Eltham North
Brisbane’s Fastest Selling Suburbs
- The Gap
- East Brisbane
- Gordon Park
- Kelvin Grove
Data Source REA Realestate.com.au