The fastest selling suburbs in Australia

Properties are being snapped up at lightning speed as the spring selling season heats up, with many buyers vying for a slice of the Apple Isle.

Data tracking the median number of days a property was listed on realestate.com.au before it sold showed strong competition in the Tasmanian capital. Of the eight capital cities, the 10 fastest-selling suburbs were all located within greater Hobart.

Economist at realestate.com.au Angus Moore said nationally, days on market have declined during COVID-19 with properties selling nearly three weeks faster in September 2021 than they were pre-pandemic.

“Properties are selling faster across all states compared to pre-COVID,” Mr Moore said.

“Across all major cities in Australia we’re seeing properties sell at or near the fastest rate they have in at least three years,” he said.

The median time a property spent on the market nationally in September was 45 days.

Use the interactive below to see how quickly houses or units have been selling in your suburb.

Mr Moore said buyers drawn to Hobart’s picturesque coastline and laidback city lifestyle are being forced to act quickly as demand outpaces supply.

“We’re seeing a pick-up in new listings, but because things are selling so quickly there’s just not a lot of stock on the market for buyers to look through,” Mr Moore said.

With a median eight days on the market, the Hobart suburbs of Mount Stuart, Oakdowns and South Hobart were the equal fastest-selling suburbs of any capital city. Suburbs must have recorded at least 30 sales in the 12 months to September to be included in the list.

“Eight days is close to the fastest we would expect to see properties selling, so to see three suburbs at that pace highlights just how quickly properties are selling in Hobart,” Mr Moore said.

Positioned at the foothill of Mount Wellington, the suburb of Mount Stuart is not only the fastest-selling suburb but has also recorded one of the biggest declines in days on market – down to a median eight days in September from 34 days a year earlier.

Local real estate agent and director at Lennard McLure Real Estate Hobart, John Lennard, said the suburb’s location and views were a major drawcard.

“It’s a suburb that’s so well located, so easy to commute from the city, very close to North Hobart,” Mr Lennard said. “It also has a very good name in the primary school there, so that’s another reason why young families seek that one out.

“But all suburbs around Hobart are extremely strong at the moment,” he added.

As well as strong local demand, Mr Lennard said interstate buyers and returning Tasmanians were driving up competition.

“There are a lot of people who are originally from Tassie, have relocated to the Big Island, and are now coming back,” Mr Lennard said.

“I think traditionally Tasmanians, if they really wanted to succeed in the business world, they’ve had to go to Melbourne or Sydney and work in a big tower, but now we all realise, and particularly with COVID, that so many people can work from a computer and a phone,” he said.   

Across Tasmania, properties were on market for a median 26 days, which Mr Moore said was marginally higher than July’s low of 25 days.

“This is close to the fastest we’ve seen in recent years, and this pace has been maintained for the past three months,” Mr Moore said.

Selling times plunge in lifestyle suburbs 

Remote working patterns have fuelled demand for scenic or outer city suburbs with bigger homes and larger blocks as households prioritise space and lifestyle over proximity to the city centre.

Mr Moore said stock levels are playing catch-up nationally, with dramatic falls in the number of days on market in many tree- and sea-change suburbs.

“We’ve seen that migration out of the inner city towards more lifestyle suburbs during COVID,” Mr Moore said.

“A lot of these suburbs don’t have a lot of supply available and so when a listing comes up buyers are jumping on it pretty quickly.”

The semi-rural suburb of Moggill, about 25km south-west of the Brisbane CBD, recorded the largest percentage fall in days on market of any capital city, with homes selling in a median 11 days in September, down from 57 days a year earlier.

Selling times in Point Lookout on Queensland’s North Stradbroke Island fell by more than 100 days.

“If you’re working remotely North Stradbroke Island becomes an attractive option to live whereas if you have to commute to Brisbane from Stradbroke Island, that ferry is much more of a hurdle,” Mr Moore said.

“It’s a fairly niche area, so previously it took a long time to sell a property because the pool of people looking to buy on North Stradbroke Island is not huge.

“We’ve seen that pick up a bit and even a small change there can make a massive difference to how long a campaign can take,” he said.

Set amongst bushland on Melbourne’s south-eastern fringe, Cockatoo was the city’s equal fastest-selling suburb at 10 days, along with other tree-change suburbs Hurstbridge, Upwey and Wandin North. Blairgowrie on the sought-after Mornington Peninsular recorded the largest decline in days, with properties on market for a median 18 days, down from 57 days a year ago.

Strong demand for a coastal lifestyle caused selling times to drop by 76% in Lake Haven on the NSW Central Coast, with properties selling in a median 14 days during September. The fastest-selling suburbs overall in Sydney were largely concentrated in south-west and western outer suburbs, with properties in Mount Annan, Currans Hill and Narellan Vale on market for median 12 days.

Mr Moore said outer fringe suburbs offered a more accessible entry point for buyers.

“You’ve got the demand for more space, less need to live close to the city or close to a train line because you can work from home, and it’s easier for first-home buyers to get into the market in those less expensive suburbs,” Mr Moore said.

“Most of the housing development in Sydney and Melbourne happens in the outer suburbs. In Sydney it’s places like Liverpool and Campbelltown.”

Bridgewater in the rolling Adelaide Hills was the fastest-selling suburb across greater Adelaide, also recording the largest fall in median days on site with properties snapped up in 15 days, down from 44 days last year.

“The particularly quick selling suburbs in Adelaide are concentrated in the Hills,” Mr Moore said.

“That’s very consistent with the tree change narrative that we’re seeing.”

Bedfordale in the Perth Hills, known for its sprawling blocks and bush surrounds, was the Western Australian capital’s fastest-selling suburb with a median 31 days on market, down from 98 days last September.

Properties in Darwin’s Rapid Creek were on market for a median 42 days, well below the 138 days recorded at the same time last year.

In the ACT, selling times more than halved in the family-friendly suburb of Lyons to a median 39 days, while properties in Ngunnawal, north of Canberra, sold the fastest.

Low interest rates driving activity

The prospect of low interest rates for years to come has been key in driving property activity, creating a catch-22 for first-home buyers who must stump up a bigger deposit to get into the market.

Mr Lennard said the Hobart market had never been hotter.

“We’re getting offers that absolutely blow us away. We’ve had people that want to make offers without even seeing the property,” Mr Lennard said. 

“The first-home buyers are getting sick of hearing the bad news each week when they put in an offer,” he said. 

The rapid pace of sales are only fuelling prices further as buyers attempt to outbid the competition. Mr Moore said conditions will remain tough for those looking to get into the market for the first time.

“It’s actually not that hard to service a mortgage at the moment because interest rates are so low, so houses are quite affordable on that measure,” Mr Moore said.

“But accessibility is quite hard. It’s very hard to save the deposit for a house. So for a first-home buyer it’s certainly becoming less and less accessible.”

The Reserve Bank of Australia has acknowledged the impact low interest rates are having on the property market but said jobs and inflation remain the priority, maintaining rates won’t rise until 2024 when inflation is expected to be sustainably within its target range.

“There’s a lot of buyer demand around at the moment,” Mr Moore said.

“We’d expect to see, particularly in those really in-demand suburbs, properties continuing to sell quite quickly.”