Thinking about selling your property, or wondering where you should purchase your next investment? You may want to consider Hobart.
This is according to the latest figures from CoreLogic, which shows it has eight out of ten of the fastest selling capital city suburbs in Australia for houses and units.
The median day figure is calculated by comparing the date at which the property is first listed for sale to the date the contract is signed, according to CoreLogic. This data “exclude auctions” and only includes “properties that have been sold by private treaty”.
Fastest selling capital city suburbs for houses in Australia
The five suburbs with the shortest days on the market for houses in the 12 months leading to December 2017 were all located in Hobart. Mornington recorded the shortest days on market, with an average of six and a median value of $316,584.
Darwin recorded the highest amount of days for houses on market of any capital city, with the highest peaking at 49 for Nakara. According to CoreLogic this suburb has a median house value of $554,524.
Those on the market for a home loan in Sydney or Melbourne will find the fastest selling houses based on the outskirts of the city.
Emu Plains recorded the shortest days on market for a Sydney suburb (13), and is based 58 kilometres west of the CBD with a median house price of $758,126.
Badger Creek had an average of 9 days on market, the shortest outside of Hobart, and is based 53 kilometres north-east of Melbourne’s CBD with a median house price of $457,957.
Fastest selling capital city suburb, houses – 12 months to December 2017
Fastest selling capital city suburbs for units in Australia
CoreLogic data found similar results for unit sales across Australian capital cities. Three of the five fastest selling unit markets have been in Hobart, with Bellerive, Montrose and Mount Stuart each topping the list at eight days.
According to CoreLogic, “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” and “Montrose is the only suburb which is not particularly close to the city centre”.
Melbourne also recorded two of the five fastest selling days, with Taylors Hill units selling at an average of eight days, and Cranbourne units selling at nine.
In Sydney, the fastest selling suburbs for units are “quite mixed”, according to CoreLogic, with median values ranging from $435,786 (Ourimbah) to $1,018,429 (Cherrybrook).
Fastest selling capital city suburb, units – 12 months to December 2017