The Meeting Place

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.

Do you live in one of these suburbs? 

6 comments

HI LEON,    i have sent an email to head office,   but so far no action,   can you help,     the P.M, oxes are out of action,   comes up that are eactivated,    can you get them up and running again PLEASE,    MANY THANKS,    

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please stay out of my way,   

I don’t live in a fast moving suburb. Been in the same place for 25 years which is good until the young guns move in and spoil it with their souped up cars they can’t afford and, houses they’ve over spent on.

Sounds like an old grump comment but probably factual.  

Tolerance is a wonderful commodity.

Mate you try being “tolerant” after you’ve spent a small fortune on a new terrace and you are rudely interrupted at 6am whilst having a coffee by some twit revving up his car and speeding off down a street that used to be quiet for decades. See how grumpy you’d be.

I  think   I'd  B   grumpy aboput  that 2  . iI ive in a  tyupe of  holiday area  & do get some  noise but  fortunately  not 2  much . I notice  that when people   who  R holidaying  some of them  { not all } seem 2  think  if they R renting  a house 4 holidays  they have the right 2  make all the  nopise  they want  .   Forgetting some  neighbours  live  here  permanently & some R elderly . Noise 4 which they  would  soon  B  critisised  4   @  their  home  residence ....

In total agreement with your comments SKRAPI. Nothing worse than to have one's peace and tranquility shattered by some young uns who think they'll never get old.

Shenton Park is a really nice suburb..leafy..old world charm ..nice facilities. Now they want to spoil it all (in my opinion) with what they are calling “the next evolution of inner city living - an urban village within a landscape setting.”

This might appeal to some..but not to me…

 

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Wouldn't suit me either Sophie :(

Buying and selling existing houses does not qualify as growth. It just measures people movin in or out of an area. To measure growth you should measure the amount of new houses being built in an area. These are  in new estates where hundreds of new houses are currently being built.

 

I thought the same, looking at the title of this article I did not expect to be reading about the fastest selling suburbs. A house around the corner just sold within a month and I don't live in a city or even near one.

At the same time we have whole new areas being built taking away good farming land.

Doubtless the Tasmanian examples are of people getting away from the big cities over-infested with Indians, Chinbese and Muslims. We need to stop ALL iummigration, NOW!!!

Only the Sustainable Australia party wants to lower legal immigration rates, the rest think we need the growth. All it means is that we are being priced out with cashed up immigrants  (not sure what you have to have in the bank to immigrant but I am guessing you need a lot these days.)

Why pick on the Indians, Chinese and Muslims? Couldn't possibly because they are more easily identifiable not being white could it? There is far more migration from people with less obvious outward differences.

If you want to slow immigration then you need to produce more babies. Simple as that. Gosh I hope there are not too many old people immigrating to OZ, that would make the plan backfire.

6 comments