New research by Propertyology, a market research and buyers’ agency, found that the fastest selling affordable suburbs in Australia are projected to outdo both Melbourne and Sydney over the next few years.
The results came from analysing 550 city councils throughout Australia and identifying 40 areas where days on market declined considerably in 2017 while also enjoying strong (or improving) sales volume.
The two metrics are driving prices in the market, so evaluating the areas where this is occurring will give researchers an understanding of which areas are primed to flourish.
Clarence in Tasmania was the fastest selling suburb with an average selling period of just 10 days, which is a drop of 60% in days on market compared to same year-ago period.
Among the five city councils that comprise Greater Brisbane, the outer east municipality of Redland, performed the best in term of selling time, up 37% over the past 12 months, and a drop to an average of 38 days.
Tighter sales times were seen in five of Queensland’s local authorities, including the Gold Coast, which saw days on market drop 31%, undoubtedly echoing higher tourism figures.
Improved buyer activity was also seen in regional Queensland, with figures forecasting a tightening market in the Gold Coast, Mackay, Hervey Bay and Cairns.
Both increased sales volumes and a significant drop in days-on-market were recorded in Adelaide Hills along with middle-ring city councils such Salisbury, West Torrens, Prospect and Marion.
As the economy stabilised in Western Australia, some of their regional markets have performed better than Perth. Compared to a year ago, properties are selling faster in the lifestyle market of Broome, Busselton in the south, and Karratha and Port Hedland in the Pilbara.
Thanks to a robust economy, the sale of properties in metropolitan Hobart was done within three to seven days upon listing.
However, a tighter market is being experienced in suburbs outside of Hobart. There were also a strong increase in sales volume and a major drop in days on market in regional Tasmanian markets including Burnie and Devonport.
Numbers were also turned out well in regional areas like Ballarat and Shepparton, plus the outer-east suburbs of Melbourne including Frankston, Dandenong and Cardinia, and outer-north areas including Hume, Mitchell and Macedon Ranges.
New South Wales
Sales volume in Orange has increased 13%. In addition, property sales are 23% quicker compared to a year ago.
A tightening was seen in regional centres across Hunter Valley. Meanwhile, areas like Maitland, Cessnock and Port Stephens have already posted a good price increase. Recent figures show a more robust activity in Muswellbrook and Singleton where it will only cost $300,000 to $360,000 for a typical house.
If you want more information about your suburb and it is located within Newcastle or the Lake Macquarie areas, text POSTCODE REPORT to 0418447856 and we will send it to you!