Suburbs where homes are such hot property they sell in days

It takes an average of 36 days to sell a home in one the country’s capital cities, but in some corners of the country, just 10 days is the norm.

With its hot sellers’ market in play, Sydney is the leading capital when it comes to speedy sales, according to figures from RP Data Core Logic. It takes only 26 days on average to sell a house in the harbour city, compared to 32 days in Melbourne, 43 days in Canberra and 49 days in Brisbane.

In the remaining cities, that figure stretches out to more than 50 days in order to offload a home. For Adelaide, the average is 50 days, in Hobart the time on market is 69 days and in Perth and Darwin it takes 71 and 83 days respectively.

But the fastest selling property in the country can be found in Sydney’s west. Villas in Cranebrook, which is 65km west of the CBD, have an average time on market of just 10 days.

“That doesn’t surprise me. I’ve even sold a few there this year in about 24 hours,” Scott Pascoe of Jim Aitken & Partners Cranebrook said.

“It’s a family friendly area, there are actually no pubs or clubs in Cranebrook so that’s why it’s popular,” he said.

“This year, there were more investors buying up until about August, but recently there have been more first-home buyers in the market,” he said.

The 12-month median house price for units and villas in Cranebrook is $443,625.

“I’d put it down to affordability and the good location. Cranebrook has great transport and there is a new shopping centre being built,” he said.

In suburban Melbourne, it takes on average just 20 days for a house in Upper Ferntree Gully to sell. The leafy neighbourhood in suburban Melbourne has a median house sale price of $530,000 and is a popular commuter suburb.

“I think the key to Upper Ferntree Gully is that it’s right on the train line so it’s popular with those who work in the city. At the first open for inspection for 19 Seaby Ave, I had 19 groups through and everyone was interested in the location,” said Hugh Francis, director of the Ferntree Gully agency of Schroeder & Wallis.

But while a quick turnaround for the vendor might look good on paper, Mr Francis said too fast could be a problem.

“I generally don’t like to sell faster than a couple of weeks because I think you’re just not doing the house or the owners justice. Some agents might be pleased about selling quickly, but I think that the first offer isn’t always the best offer,” he said.

On the apple isle, one patch of Hobart is bucking the city-wide trend. Despite the time-on-market figure of 69 days, North Hobart and the neighbouring suburb of Mount Stuart both have an average sale period of just 27 days.

“Everyone wants to sell in North Hobart,” John Huizing of Bluedge Property said.

“There are more buyers out there than sellers, that’s what it is.”

Close to the city centre and near popular restaurants, North Hobart has a median sale price of $422,000 and is top of the list for many buyers.

Mr Huizing had 30 people at the first open house for a three-bedroom house on Newdegate St, North Hobart, and the sale was done in just two days.

“I just put that on realestate.com.au. I didn’t even have the chance to put it in the paper,” he said.

Fastest selling suburbs by capital city (based on 12-month figures from RP Data Core Logic)

SYDNEY — HOUSES

Acacia Gardens, 16 days on market

Currans Hill, 16

St Andrews, 16

Yarrawarrah, 17

Prospect, 17

SYDNEY — UNITS, VILLAS, TOWNHOUSES

Cranebrook, 10

Jamisontown, 12

Rosemeadow, 13

Camden, 13

Jannali, 14

MELBOURNE — HOUSES

Upper Ferntree Gully, 20

Scoresby, 20

Croydon South, 22

Seville, 22

Coldstream, 23

MELBOURNE — UNITS, VILLAS, TOWNHOUSES

Croydon South, 18

Bayswater North, 27

Ringwood East, 32

Montmorency, 34

Mont Albert, 35

BRISBANE — HOUSES

Teneriffe, 31

Nudgee, 33

Mansfield, 35

Salisbury, 35

Runcorn, 35

BRISBANE — UNITS, VILLAS, TOWNHOUSES

Wishart, 34

Camp Hill, 38

Waterford West, 39

New Farm, 41

Paddington, 42

HOBART — HOUSES

North Hobart, 27

Mount Stuart, 27

Warrane, 42

Lindisfarne, 51

Moonah, 54

HOBART — UNIT, VILLAS, TOWNHOUSES

Battery Point, 52

Blackmans Bay, 59

Bellerive, 59

West Hobart, 62

South Hobart, 63

ADELAIDE — HOUSES

Hilton 29

Linden Park 29

Ridleyton 32

Glenside 35

Fulham 36

ADELAIDE — UNITS, VILLAS, TOWNHOUSES

Hyde Park, 32

Maylands, 35

Torrensville, 38

Parafield Gardens, 38

Kensington, 39

PERTH — HOUSES

Lockridge, 32

Lynwood, 34

Shenton Park, 35

Heathridge, 36

Parkwood, 37

PERTH — UNIT, VILLAS, TOWNHOUSES

Booragoon, 26

North Beach, 28

Shenton Park, 31

Melville, 35

Shelley, 36

DARWIN — HOUSES

Nakara, 58

Wagaman, 59

Farrar, 61

Moil, 63

Tiwi, 68

DARWIN — UNITS, VILLAS, TOWNHOUSES

Brinkin, 59

Bayview, 59

Coconut Grove, 71

Millner, 77

Rapid Creek, 88

CANBERRA — HOUSES

Page, 35

Scullin, 39

Torrens, 43

Ainslie, 45

Rivett, 45

CANBERRA — UNITS, VILLAS, TOWNHOUSES

Cook, 55

Monash, 56

Amaroo, 60

Mawson, 62

Macgregor, 64

 

This article has been republished from news.com.au. All credit to the original authors.