As mortgage rates have fallen, cities have in recent years seen heightened demand and a rapid rate of sale for properties. Corelogic's latest Property Pulse pinpoints 10 suburbs in each state and territory that have had the shortest median selling time over the 12 months to January 2017.
Note that the figure is only calculated where there were at least 10 observations of paired listings and subsequent sales over the year. The data is also calculated on private sales excluding properties advertised for auction (this is because the selling time for an auction is often better described as a marketing period that typically lasts for around six weeks). The figure is calculated by the difference from the date at which a property is first listed compared to its contract date.
Montagu Bay in Hobart has had the nation’s shortest median days on market for houses over the past year at 5 days. For units, South Penrith and Wyoming in Sydney has the shortest median days on the market at 7 days.
Source: CorelogicThose suburbs that are not in capital cities in most instances are located in regions close to the capital city, highlighting how housing demand has rippled outwards from the capital cities as prices rise.
Brisbane Is Heating Up
While Sydney and Melbourne dominate headlines for their strong rates of capital growth, suburbs in other capital cities are experiencing a rapid rate of sales.
Source: CorelogicFor example, Brisbane values have increased by less than 5% over the past year but each of the suburbs listed for houses have a median days on market figure of less than 20 days.
While mortgage rates and sales stock remains low, Corelogic anticipates that the current rapid rate of sale in Sydney, Melbourne, Hobart and Canberra will remain low, however there have been some early signs that stock levels are starting to rise which may lead to an easing in the perceived urgency to buy across some markets.
Outside of these areas, suburbs in sought after locations with relatively low stock available for sale are also likely to see transactions occurring at a fairly rapid pace, especially if vendors ensure that they are setting realistic initial listing prices.