Where are properties selling fastest across Queensland and Australia?

Posted on 07 Jun 2023 | Source: Realestate.com.au - 24 May 2023 | Author: Caroline Riches

Nationally, houses took an average of 44 days to sell over the 12 months to April, nine days longer than the previous year, but down from 64 days over 2019, as the market returns to more typical conditions.

Despite a steep rise in interest rates since this time last year, analysis by PropTrack has revealed houses and units in Adelaide and Perth are selling faster now than they did a year ago, while units in Brisbane are also being snapped up quicker.

PropTrack economist Angus Moore said the fact that properties are taking longer to sell now than they did across 2021 and 2022 was due to the impact of interest rate rises on buyer demand, and the increase of properties on the market over the past 12 months.

"Market conditions are less competitive," he said.

Video: Where homes are selling the fastest: 2:37

In March, there were around 8% more properties for sale around the country than in March 2022.

It's also little surprise that homes are selling faster than they were pre-pandemic in 2019, Mr Moore added.

"There was more stock back then, particularly in some regional areas, but 2019 was a fairly weak year for property markets.

"By contrast, spring 2021 through to autumn 2022 saw very, very hot periods for selling conditions and for prices. It's unsurprising we haven't maintained that pace."

National and capital city days on market and YoY change in days on market - Houses

National and capital city days on market and YoY change in days on market - Units

The latest PropTrack Home Price Index shows properties in Adelaide and Perth are currently at peak, a contrast to the price dips experienced in Sydney, Melbourne and Brisbane.

"Adelaide and Perth have bucked the trend in many ways," Mr Moore explained. "Unlike other parts of the country, they haven't seen an increase in the total number of properties available for sale; the number of properties for sale in Perth is at historic lows.

"And in Brisbane, units are selling a little bit quicker than they were a year ago."

Demand in Queensland shows no sign of slowing, especially for units

Queensland is home to some of the fastest selling suburbs in the nation.

Like Leda in Perth, houses in the Bundaberg suburb of Thabeban sold in just 12 days in April, while the suburbs of Meringandan West, Darling Heights and Rockville, all in Toowoomba, saw houses shift in 15 days or less.

Queensland suburbs with the shortest days on market - Houses

The southern Queensland town, which agent Jacqui Walker at RE/MAX Success Toowoomba describes as a "hotspot", is Australia's second-most-populous inland city after Canberra.

"It doesn't rely on any industry to prop it up, it's a wonderful place to live and it has steady growth. The demand is as high now as it was in pandemic times; our selling figures and timeframes have not reflected a downturn at all."

In terms of units, the 10 national suburbs trading them the fastest in April were all in Queensland, with Brisbane and Cairns showing particular speed.

Queensland Suburbs with the shortest days on market - Units

Cairns agent Tim Lyon, an apartment specialist at Twomey Schriber Property Group, said stock is low and demand is high, which he doesn't expect to change any time soon.

"Of seven units I have under contract right now, five of them had multiple offers and five of them sold in the first two weeks," he said.

"The unit market in 2021 and 2022 was absolutely phenomenal. There are less buyers now but the actual stock available is significantly reduced, with less investors offloading their properties, so that's keeping us in a very high-demand market."

Where homes are selling at lightning speed compared to a year ago

Meanwhile, some regional Western Australian suburbs have seen a significant decrease in days on market over the past year, suggesting buyer demand is growing.

Houses in the wheatbelt town of Narrogin were selling 71 days faster in April than they were a year ago, the biggest change of anywhere in the country, while houses in Donnybrook, south of Perth, were selling 54 days quicker.

Houses in Mission Beach, meanwhile, sold 62 days quicker than they did a year ago, while those in the central Queensland town of Moura sold 53 days faster.

The suburbs around the country seeing the largest year-on-year decrease in days on market for units were also in Queensland, with apartments in Toowoomba, Brisbane and Airlie Beach particularly popular.

Where homes are selling slower than a year ago

The suburbs around Australia showing the largest increase in days on market over the past year were largely in regional areas, suggesting the appetite among seachangers and treechangers for the country's quieter pockets during COVID has dampened.

Queensland Suburbs with the largest YoY increase in days on market - Houses

Houses in the rural Queensland town of Blackwater took 87 days longer to sell in April than a year ago, followed by Gerringong on the NSW South Coast, where houses took 61 days longer to sell

Houses in Queenstown in western Tasmania, Healy in Mount Isa and Burradoo in the NSW Southern Highlands all took more than 50 days longer to sell this year than last.

Queensland Suburbs with the largest YoY increase in days on market - Units

Meanwhile, units in Nelly Bay on Magnetic Island took 81 days longer to shift than a year ago, those in Noosa Heads 54 days longer, units in Wantirna South in outer Melbourne 54 days longer, and those in Ballina on the NSW South Coast 42 days longer.

The future 'a significant unknown'

Looking at Australia as a whole, Mr Moore expects more stock to return to the market.

"That suggests we might continue to see the time it takes to sell a home get a little bit longer, but that's also going to depend on what happens with buyers and to no small extent that's going to depend on what happens to interest rates.

"And that's a fairly significant unknown at the moment."