According to the latest RP Data research Australia’s fastest selling suburbs now are located in affordable enclaves where median house prices range from $200,000 to $600,000.
Properties in some desirable locations are selling within days, on the back of lower interest rates, investor demand and increased confidence in the housing sector.
RP Data senior research analyst Cameron Kusher says suburbs with median house prices under $600,000 are experiencing the quickest flip rate. “This is reflective of figures from RP Data which shows the premium sector of the market has to-date seen the weakest market conditions while relatively more affordable sectors recording stronger values gains,” Mr Kusher says.
“With upgraders and investors – the most active forces in the housing market currently – it is no wonder that suburbs which typically have a median price below $600,000 are experiencing the shortest length of time to sell.”
If you’re listing a house in Perth’s Craigie, you’ll find a buyer in less than three weeks, according to the latest annual RP Data figures. It has the fastest sales turnover in Australia. The suburb, 20km north of Perth and about 2km from the beach, has a median house price of $443,500 – less than the Perth median house price of $500,000. The average number of days a Craigie house is on the market is 18 compared with the Perth average of 80.
Meanwhile in NSW, units in Sydney’s Lewisham are turning over within 25 days, making it the most sought-after suburb in NSW.
In Victoria, houses are taking just 30 days to sell in Coldstream, 36km from the Melbourne CBD, while in Brisbane, Fairfield units are selling in less than a month.