The suburbs where properties are still selling at record speeds

While property markets have cooled and homes are now taking longer to sell, there are suburbs where eager buyers are snapping up properties as soon as they’re listed.

Analysis of the latest data shows what’s true of the market as a whole doesn’t necessarily hold up at a suburb level.

In many standout suburbs, competition to buy remains fierce and properties are selling at record speeds.

Across Australia, it took on average 52 days for a property to sell in October 2022, which is well up from the 31 days averaged during the last quarter of 2021.

Last year, the number of buyers greatly outpaced properties for sale, driving competition up and average selling times down. This year, we’ve seen a shift in conditions.

Buyer demand has moderated in response to higher interest rates and rising living costs, meaning competition is reduced and homes are taking longer to sell.

That is, except in these hot neighborhoods.

Returning to the market more broadly, the speed at which properties sell is expected to continue slowing.

Interest rates are forecast to rise further, inflation is high and, for most, real wages remain in firmly negative territory.

These factors are constraining buyers who are moving with greater caution and taking more time to purchase.

Despite this, properties in suburbs where buyer demand continues to outpace supply are likely to remain hotly contested – and purchasers will need to move quickly to stand a chance of success.

Do you know the value of your property? If not, let us know, we are here to help!