When you’re following the real estate market, it’s easy to get caught up in the dollar signs and focus on which suburbs have the highest median prices, or that have recorded the strongest growth.
However, there’s another super-important factor that many market observers forget about – that is, the number of days a property spends on market before it’s sold.
High sales prices and awesome capital growth are great, but if a property is languishing on the market for months, costing you money in advertising and preventing you from moving on to your next venture, it doesn’t make for an ideal situation!
Here are the Australian suburbs with the lowest days on market figures, where houses and units sell like hotcakes – as you’ll see, Tasmania and Victoria are leaving the rest of the country in their dust when it comes to the speed at which properties change hands!
Battery Point, Tasmania
One of Hobart’s most prestigious suburbs, units in Battery Point barely have a chance to go live online when they are listed for sale – the median days spent on market here is just 6! Close to the University of Tasmania and the CBD, it’s a popular spot with both investors and professionals, who don’t mess around when it comes to locking down a unit in this desirable location.
Yarra Junction, Victoria
Nine days is all it takes for properties to find new owners in Yarra Junction, 55km from the Melbourne CBD. With a serene, laid-back lifestyle, yet still close enough to Melbourne’s outer suburbs for all your shopping and entertainment needs, it’s the perfect place for a tree change if you’ve had enough of the hustle and bustle of the Victorian capital.
Not far from Yarra Junction, in the Yarra Ranges area, Millgrove is one of the most affordable spots east of Melbourne, and buyers know it – they are snapping up properties here just 10 days after they go on the market. It began as a timber milling town, but is now a haven for families seeking a close-knit community in which to raise their children and commute to Melbourne or Warburton for work.
Manor Lakes, Victoria
Real estate agents in Manor Lakes don’t have much time to twiddle their thumbs –houses here fly off the market in just 11 days! Located 33km from the CBD, in the Wyndham growth corridor, it’s an affordable first homebuyer location and there’s a master-planned community of sparkling new homes to choose from. Originally part of Wyndham, it became a suburb in its own right in 2015.
Risdon Vale, Tasmania
On Hobart’s eastern shore, Risdon Vale boasts a median days on market figure of just 12 – despite being the location of Tasmania’s only maximum security prison! It’s a lower-income area that is slowly shaking off its dicey reputation, thanks to Tassie’s booming property market. It’s also an affordable choice for interstate investors, with a captive rental market.
With a quirky, alternative population and a charming village atmosphere, Upwey, 32km east of the Melbourne CBD, has a lot to offer – perhaps that’s why houses here are snapped just a fortnight after going on the market. You can get back to nature with a hike along the creek, or perhaps enjoy a stroll down Main Street to browse the gorgeous stores and grab a coffee. Once a year, there’s even a billy-cart race to take part in – how cool is that?!
West Hobart, Tasmania
Minutes from the CBD, West Hobart is home to Federation-era properties with stunning views of the Derwent River, and is popular with professionals and families alike. The median number of days houses spend on market is just fourteen, and it’s not hard to see why. Workplaces and schools are walkable, you can grab the best local produce from the fabulous Hill St Grocer, and Knocklofty Reserve is the perfect spot to walk the dog – it could be the best combination of location and lifestyle in the whole state!