Australia markets closed
  • ALL ORDS

    7,406.30
    +36.90 (+0.50%)
     
  • ASX 200

    7,213.20
    +37.70 (+0.53%)
     
  • AUD/USD

    0.6798
    +0.0022 (+0.32%)
     
  • OIL

    71.59
    +0.13 (+0.18%)
     
  • GOLD

    1,809.40
    +7.90 (+0.44%)
     
  • BTC-AUD

    25,208.57
    -278.12 (-1.09%)
     
  • CMC Crypto 200

    402.11
    -4.14 (-1.02%)
     
  • AUD/EUR

    0.6451
    +0.0041 (+0.65%)
     
  • AUD/NZD

    1.0591
    -0.0026 (-0.24%)
     
  • NZX 50

    11,596.03
    -21.11 (-0.18%)
     
  • NASDAQ

    11,563.33
    -74.17 (-0.64%)
     
  • FTSE

    7,476.63
    +4.46 (+0.06%)
     
  • Dow Jones

    33,476.46
    -305.02 (-0.90%)
     
  • DAX

    14,370.72
    +106.16 (+0.74%)
     
  • Hang Seng

    19,900.87
    +450.64 (+2.32%)
     
  • NIKKEI 225

    27,901.01
    +326.58 (+1.18%)
     

The suburbs where the most houses are selling

Regional Australia is seeing higher turnover rates. Image: Getty
Regional Australia is seeing higher turnover rates. Image: Getty

Aussies are slower to sell their properties this year thanks to tougher market conditions, but regional Australia continues to outperform.

While 5.3 per cent of Australian houses transacted in the 12 months to July 2017, just 4.6 per cent sold in the year to July 2018.

Also read: Max Brenner dodges liquidation

“It’s likely that housing affordability has delivered a large impact on the broader downward trend in turnover rates,” CoreLogic analyst Jade Harling said today.

“Fifteen years ago the dwelling price to income ratio as a national figure showed that dwelling prices were 5.1 times as high as the gross household income, while recent data shows this has increased to 6.8,” she continued, noting it’s worse in Sydney and Melbourne.

However, “As housing has become less affordable across some capital city markets, regional areas have benefitted from the flow-on effect for being the more affordable option.”

In fact, in the year to July, four of the seven regional state areas outperformed their capital city counterparts in terms of turnover.

Also read: Some new mums are actually losing money by coming back to work

How does my state perform?

Regional Tasmania had the highest level of turnover among regional areas, while regional Western Australia was one of the weakest.

New South Wales

The top-five council regions for turnover were all outside of capital cities. However, Harling added that these regions also have shallow stock levels.

Northern Territory

Alice Springs recorded the highest yearly turnover, with Katherine recording 4.0 per cent.

Queensland

The top five suburbs for turnover in Queensland were all outside of the capital city.

South Australia

“Four out of five of the SA council regions were in regional areas of the state,” Harling said.

Tasmania

In line with the trend, only two of the suburbs with high turnover rates were in the city of Hobart.

Victoria

Victoria bucked the trend, with its top two states for turnover inside the Greater Melbourne limits.

Western Australia

“Interestingly, WA’s top turnover area’s over the year were in the mining regions of Port Hedland, Karratha and East Pilbara, given values across these regions saw considerable declines coming out of the mining boom 10 years ago, resulting in less housing turnover,” Harling said.

“Recent years have seen transaction levels increase and declines in the region ease.”

Also read: Reject Shop shares crash on profit warning