We’ve seen the headline that the housing market was tragic in 2018.
For Sydney and Melbourne property investors, this is the case – but in certain suburbs across Australia, properties were being bought and sold at break-neck speed.
Although most of 2018’s hot property suburbs were located in Tasmania, a couple of hidden nuggets in Perth and NSW defied the downturn, according to analysis by CoreLogic and RiskWise Property Research.
Here are the ten suburbs across the nation that sold homes the fastest:
Tasmania comes out on top
Of all the states in Australia, properties in Tasmania were snapped up in less than a week.
Eight of the 10 fastest-selling suburbs were based in Tasmania, where homes were on the market for only six, seven or eight days – more than 500 per cent faster than the national average of 43 days.
Perth’s Shenton Park made sixth place on the list, and Castle Cove was the only NSW suburb to make the list at tenth place.
What makes these suburbs so special?
RiskWise Property Research CEO Doron Peleg said the list consisted of high-demand suburbs.
For example, many of the Tasmanian suburbs were less than ten kilometres from Hobart’s central business district, and those that weren’t had other special features, such as waterfront views or proximity to beaches.
Perth’s Shenton Park is located next to King’s Park, renowned for its views overlooking the city’s CBD, and is a sought-after area for its easy access to transport and lifestyle amenities.
NSW’s Castle Cove is located in Sydney’s lower north shore, an upmarket area only 11 kilometres from Sydney’s CBD.
Peleg noted that the suburbs on the list were a reflection of the age-old mantra of ‘location, location, location’ or had other amenities on offer, such as transport, schools, or infrastructure.
“All the things that attract buyers go a long way in ensuring houses sell quickly if the market and the price is right,” he said.
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