Australia's fastest growing suburbs
Tasmania has eight of the top 10 fastest growing suburbs in Australia, with only two suburbs outside the Apple Isle.
There's one in Western Australia and the other in NSW – according to analysis by RiskWise Property Research and based on CoreLogic’s data regarding the average number of days on the market in the past 12 months.
Lutana, a suburb of Hobart 6km from the CBD, and Mornington, only 7km from the CBD, both achieved an incredible average of six days to sell for houses.
They were followed by three more suburbs of Tasmania and one in Western Australia taking a mere seven days to sell and the remainder taking only eight days, including Castle Cove in NSW.
This is in stark contrast to the Australian average number of days on the market which sits at 43.
RiskWise CEO Doron Peleg said the list was made up of high-demand postcodes.
However, he said it must be noted that while the suburbs in Tasmania were incredibly popular, they were not ‘the entire market’ which was still decelerating.
"A significant increase in dwelling prices in Hobart in recent years, decelerating price growth, fewer people attending open home inspections and fewer inquiries on listings, indicate that housing affordability has made an impact and that the growth rate was unsustainable,” Mr Peleg said.
“However, while these reductions are not surprising given Tasmania is less affordable than five of the states and territories (in price-to-income ratio) terms, the market supply is very small, so this will continue to drive some price.”
He said many of the Tasmanian suburbs that made the Top 10 were less than 10km from the CBD (with Lenah Valley being only 5km) and those that were not had something special to offer buyers.
For example, picturesque Lauderdale is situated 20km from the CBD but is highly sought-after, overlooking Ralphs Bay with easy access to Roches and Seven Mile beaches.
And while the Perth property market is yet to bottom out, Shenton Park, which is only 4km from the CBD, made a surprise appearance on the Top 10 list coming in at No.6 and delivered capital growth of 5.7 per cent in the past 12 months, in contrast to houses in the Greater Perth area that delivered negative capital growth of 3.5 per cent during that period.
Situated close to Kings Park and the Swan River, Shenton Park is a much sought-after area thanks to its easy access to the city, transport hubs and lifestyle amenities.
The only NSW suburb to make it on to the list was Castle Cove which came in at No.10. This upmarket area is set in Sydney’s lower North Shore and is only 11km from the CBD. Houses in Castle Cove delivered a capital growth of 0.7 per cent in the past 12 months, in full contrast to the trend in Greater Sydney where house prices have reduced by 7.6 per cent in during that period.
Mr Peleg said the list highlighted the age-old saying of ‘location, location, location’ or if you don’t have that then having something else special to offer whether that is lifestyle, good schools, access to transport hubs or infrastructure.
“All the things that attract buyers go a long way in ensuring houses sell quickly if the market and the price is right,” he said.
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