When it comes to selling, some suburbs are so sought-after that properties there are snapped up in no time.
While the inner-city Sydney and Melbourne markets are both running hot, when it comes to the suburbs where properties are sold quickly, it’s the outer suburban suburbs of Melbourne that dominate the top 10.
If you want to see which suburbs are the fastest selling in your state, check out this interactive.
Topping the list for shortest median days on market is Tecoma, which lies 34km east of Melbourne’s CBD, with an average of 10 days on market.
Nearby Mount Dandenong (35km east of Melbourne CBD) was second on the list, also with 10 days on market, followed by Badger Creek (53km north-east of Melbourne’s CBD) with 11 days.
Victorian suburbs dominated the top 10, which also featured Kallista, Kilsyth South, Pearcedale, Belgrave and Frankston North.
The suburb of Warrane, which is 5km from Hobart’s city centre, was fourth on the list, while the only other non-Victorian entry was Kariong, on the NSW central coast.
The on market realestate.com.au/buy data looks at houses sold between 1 September 2016 and 28 February 2017.
Median days on market is calculated by the number of days that properties are advertised for sale on realestate.com.au/buy.
Affordability is key
The outer-suburban areas in Melbourne’s north and east are appealing to buyers because they offer affordability, according to REA Chief Economist Nerida Conisbee.
“People want big blocks of land, four bedrooms, two bathrooms and a two-car garage, at an affordable price,” Conisbee says.
“When you have a look at the list here you can see places like Tecoma and Mount Dandenong, and they almost all offer that. They’ve got affordable prices on pretty big blocks,” she says.
Buyers are flocking to idyllic Mount Dandenong. Picture: realestate.com.au/buy
The outer suburbs of Melbourne, unlike Sydney, are still priced within reach for many home buyers.
“Melbourne still offers affordability – there’s still houses in a price range that people are interested in, but the market is very strong,” Conisbee says.
“What we’re finding in NSW is that you can’t find an affordable home in Sydney, so there’s this push to the central coast and down to Wollongong.”
Lifestyle v commute
With places like Tecoma and Mt Dandenong being 35km from the CBD, new residents potentially face a long commute to work, but Conisbee says the value often makes it worthwhile.
“People are prepared to make a really big commute if it offers them a lifestyle and the kind of home they want,” she says.
“Tecoma is not impossibly far from the city, but you have that kind of country lifestyle and you have a big home and all the rest.”
Tecoma is the fastest selling suburb in Australia. Picture: realestate.com.au/buy
Director of Harcourts Essential Real Estate Tecoma, Jim Georgiou, says there has been a huge increase in demand across the Yarra Ranges area.
“Over the last 10 to 14 months we’ve been seeing levels of attendance at open homes like we’ve never seen up here before,” he says.
“The demand is high and the supply is low, so people are making a decision quicker. We’re not seeing many people coming back for second or third inspections.
“Regardless of price range, anything that’s coming on the market is generating huge amounts of interest.”
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