This Year in Australia one small Tasmanian suburb has been unveiled as the fastest property selling market. As it only takes an average of eight days to sell homes, says Anthony Warden. And according to a recent report Goodwood happens to be one of the suburbs in Australia with very fast property transactions. Properties in Sassafras, Diamond valley, and Killarney Heights which are at Melbourne, Sunshine Coast, and Sydney’s northern beaches respectively take only 10 days to sell. Keperra and Ferny Hills are located at Brisbane, Regency Park in Adelaide, Alfords Point at Sutherland Shire of Sydney, and Holder in Canberra are other areas property are fast selling.
Factors That Influence The Price of Property
This year anyone that wants to buy property in the hot market is running against time to get their offer in and accepted before any other person. The activity this year in the property market and the price growth are all due to improving household savings, government stimulus, returning outlands, economic conditions, and low house loan rates. From observation, all the highly contested suburbs are mostly small and in case of low stock turnover, the buyer is prepared to act. Once buyers find out the affordability of Goodwood property in comparison to other suburbs nearby the sale had become extremely fast.
The Goodwood and Moonah Property
For a very long time, many overlooked Goodwood but the shops and cafes at Moonah have made it a preferred area for everyone until the price increase this year. As a result, people started to search for areas outside Moonah with affordable prices and Greenwood happens to be the place. With the recent development, it doesn’t take much time to sell the property at Goodwood.
The Killarney Heights Property
The area at which Killarney Heights is located in Sydney has made the price of the property in that area increase. Due to the pandemic, people from the east are coming and the first place would come if coming to the forest area will be Killarney Heights. There has been a high demand for schools in that area as they have good schools.
Brisbane Property
The price of houses in Brisbane has increased drastically like never before over the years. In the September quarter, the median price was able to reach a record of $722,455 making Ferny Hills one of the fastest-selling suburbs in Brisbane. According to Anthony Wardan, the Ferny Hills is said to be a lovely place for families. That may be one of the reasons why buyers are demanding such a place to raise their families.
Hobart Property
Property at Hobart suburbs are sold at an average of one week and many are selling faster than that. Some homes attract offers within hours and some just within four days. Property at Hobart suburb is selling faster and some of the possible reasons could be due to population growth and the demand for a second home. Though it seems like property at Hobart is becoming expensive but is still way cheaper than those in Sydney and Melbourne.
Over the past year, the population in Tasmania has been growing fast as people have been moving there from New South Wales and Victoria which is at a lesser rate. With the rate at which the price of the property at Hobart is going there is every possibility, it won’t reduce for years. Areas like South Hobart, Chigwell, North Hobart, West Hobart, Midway point and dodges Ferry are included as part of the fast-selling suburb in Australia.
Property in Victoria
The fastest-selling region in Victoria include South West and Warrnambool but Upper Ferntree Gully seems to take the central stage as the fastest.
General Statistics of Suburb With Significant Property Growth
Brisbane seems to experience the highest annual growth with a 44.2% increase in value this year and with a median apartment price of $695,911. Followed by Sydney at a 38% increase with its median apartment price at $3.217m. Hobart Brighton saw a growth of 35.8% with a median price of $405,778.
There are over one hundred suburbs in Australia that has been identified as areas where property prices are likely to take off from the coming year. And some areas for homebuyers to watch out for as there is a possibility that property markets with price growth that have been leading for some years now may experience setbacks in coming years. There is a need to remind you that not all the regional areas will be sold at an affordable price. So as an investor or home buyer you should consider the rental yield of the property, potential growth, and then get a low rate loan.
Lastly
In case you are planning to get property in Australia and you are wondering where homes are selling faster there you have it. Anthony Wardan believes that now that you know some of the areas with fast-selling property in Australia you should be able to make a wise decision in selling or buying property in those areas.
