Despite experts predicting property price growth will slow down this year, the market is still as hot as ever in some sought-after suburbs.
In all these markets, the amount of time it would take for every property in the area to sell if no more were added to the market is less than one month.
HOOD.ai founder and CEO Tommy Fraser said buyers who wanted to move to these suburbs were struggling right now, because owners just weren’t selling.
“Part of the reason Australia has been experiencing a property boom is because stock levels have been low, which has forced buyers to compete harder and bid up prices,” Fraser said.
“As a result, the median house price of most of these suburbs has experienced a double-digit percentage increase over the past year.”
Fraser said buyers desperately needed new stock to come onto the market.
“Right now, they’re in a terrible bind,” he said.
“When a house comes onto the market, do they offer a fair price and risk missing out? Or do they do whatever it takes to win the property but overpay?”
Here are the top 16 suburbs and their average house prices:
North Sydney, NSW - $2.4 million
Dapto, NSW - $737,000
Belmont, VIC - $735,000
Highton, VIC - $861,000
Conder, ACT - $880,000
Fairy Meadow, NSW - $1.15 million
Menai, NSW - $1.4 million
Evatt, ACT - $905,000
Stanmore, NSW - $2.15 million
Corrimal, NSW - $1.15 million
Amaroo, ACT - $915,000
Freshwater, NSW - $3.25 million
Kambah, ACT - $880,000
Collaroy, NSW - $3.75 million
Croydon Hills, VIC - $1.06 million
Cromer, NSW - $2.35 million