Whether you are ready to invest in a property now, or you’re waiting to snap up a bargain on a home to live in, the right location is always critical. Property in popular suburbs will appreciate in value more quickly, can generate strong rental income, and will have a good resale value. On the other hand, if you are looking for a bargain when buying a home, then purchasing in a suburb where properties are staying on the market longer can be a good strategy.
Let’s find the suburbs where homes sold the quickest and slowest, on average, in 2022. The figures below are from Domain Research and cover the first 11 months of 2022. Note that average times to sell were much longer near the end of the year than at the beginning, due to interest rate increases during the year and other economic factors.
Suburbs Where Properties Are Selling The Fastest
The neighbourhood’s affordability, liveability, and amenities were the main reasons for quick sales in the following suburbs. In some of them, the properties sold in the blink of an eye.
New South Wales
One of the fastest-selling suburbs in NSW was in Warragamba of Western Sydney, where homes stayed on the market for an average of 15 days. In Wakeley and Carnes Hill suburbs, also in Western Sydney, homes stayed on the market for
In Carnes Hill, the low stock kept demand for property high. Some homes were getting pre-auction offers, and buyers were touring homes and making offers before they were even listed online.
Credit: Sydney Completion
In Victoria, the quickest sales were in Gladstone Park, in Melbourne’s north, where homes were listed for an average of just 17 days. Homes in Ferny Creek, in the east, and Officer South, in the south-east, were next, with average listing times of 18 days and 20 days, respectively.
Gladstone Park was popular among homebuyers because it has schools and shops, plus local freeways and airports that are easily accessible.
In this state, the fastest-selling properties were all in the south-east. In Boyland, properties sold in 16 days, on average, followed by Heritage Park, Kuraby, Chapel Hill and Joyner; the properties in those suburbs were off the market in an average of 18 days or less.
In this state, the fastest-selling homes were in Merriwa, a coastal suburb near Perth, where properties were off the market in 14 days. And in Lake Clifton, south of Perth, and Kingsley, to the north, houses were off the market in 15 days and 18 days, respectively.
Tolmans Hill in Hobart is where homes got snapped up most quickly. They were off the market in an average of just eight days. Properties in Tolmans Hill, surrounded by the Mount Nelson bushland, are more affordable than many in the high-value eastern states. The area also has gourmet food stores, transport and higher education facilities, nearby.
Further, the properties in Granton, a semi-rural residential area north-west of Hobart, stayed on the market for an average of 14 days. It is a top spot for vineyards and offers lifestyle perks for people living there.
Suburbs Where Properties Sold The Slowest
Here are the suburbs where a buyer may feel a little less pressure while deciding on a home to buy.
New South Wales
Dean Park, Garden Suburb, and Eschol Park properties took 19 days to sell off the market. At the same time, the properties in Killarney Heights, Hamilton North, Caddens, and Canada Bay sat for around 21 days on the market.
The properties that stayed on the market for the longest time, 23 to 24 days, were in Prince Hill, Wandana Heights, Woori Yallock, and Millgrove. It took around 21 to 22 days for properties to sell in Merbein, The Patch and The Basin.
The properties that took the longest to sell were in Drewvale, Darling Heights, Mount Gravatt, Blackstone and Augustine Heights. It took an average of 19 to 20 days to sell properties in those suburbs.
The properties in Darling Downs, North Lake, Greenwood, and Leda spent the longest time in the market, around 23 to 24 days. Whereas the houses and units in Cooloongup, Tapping and McKail took around 20 to 22 days to sell.
It took an average of 16 days for the properties in Seven Mile Beach to sell – eight days longer than in fast-selling Tolmans Hill.
We Are Here To Help!
Knowing where properties are sold the fastest or slowest can help you bid the right price for your dream home. However, there are other factors to consider, too. Most importantly, think about your long-term plans and determine if you can afford repayments while shopping for a home. The best location varies depending on your situation and long-term goals.
Home Loan Experts’ mortgage brokers will guide you to where market conditions like average time to sell best fit your goals. Call us on 1300 889 743 or fill in our free online assessment form today to get in touch with our brokers for their extensive knowledge and expertise.