Friday , April 23 2021

Adelaide, Hobart's fastest sales areas



The country's housing market can be free fall – but there are still some unexpected areas where real estate sells like hot cakes.

According to the latest data from realestate.com.au, many Australian suburbs sell faster than they were at the same time last year, although the broader real estate market is plagued by falling median house prices and low emission rates.

The data found in the country's premier capitals is now Hobart and Adelaide, with houses flying out of the shelves of these subways.

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REA Group Chief Financial Officer Nerida Conisbee said the Tasmanian housing industry had flourished, Adelaide was a surprising newcomer.

"The list is interesting that when we looked at it six months ago, it was dominated by Hobart, which is Australia's strongest Australian market in terms of price increases – but now more Adelaide suburbs have been listed" she told news.com. au.

"Tasmania is still very strong, but we are beginning to see signs that Adelaide turns out to be one of the best artists.

"Another thing that really stood out was that South Hobart sees most of the views per list in Australia and the very big traffic we see on the site is now flowing and we see properties in the suburbs that also sell very very quickly."

Conisbee said that Tasmania's flourishing economy was a driving force.

"What I think has happened is the Tasmanian economy has really taken off and there has been a lot of tourism growth in the back of the Museum of Old and New Art (MONA). It has also been ranked as one of the best destinations with Lonely planet and it seems like streaming through to better restaurants and things like that, "she said.

Conisbee said that Asian property seekers were particularly affected by Tasmania because of its flourishing tourism industry and reputation for providing quality education.

At the same time, future Adelaide has also benefited from relatively cheaper housing and economic growth.

"Adelaide is like Hobart because it is very affordable, which means it attracts quite little interest," said Conisbee.

"We are also seeing better economic growth. There has been a lot of job growth and investment in defense and manufacturing, so Adelaide has a bit of time.

"Adelaide has one of the slow-growing economies in Australia, but while it grows slowly, it is also stable, so it does not bum and bust we see in Perth."

Conisbee said investors increasingly looked away from Sydney and Melbourne in an effort to find more affordable properties with potential for growth.

And she said there was a clear link between the sales rate in a certain area and house prices.

"When there is more competition for housing, it definitely tends to show up in pricing, because when more people want to be there, sellers have a greater advantage," she said.

"It's definitely a seller's market and more challenging for buyers (in fast-selling suburbs)."

The data also revealed the 10 fastest-selling suburbs in each state.

In NSW, Colebee in western Sydney took out the top spot followed by Normanhurst in Sydney's upper northern shore, Queens Park in the eastern suburbs, Wheeler Heights in northern Sydney and Woronora in the southern part of the city.

Pearcedale, a township 49km southeast of Melbourne, reached the top of Victoria followed by St Andrews, located 36km northeast of the capital.

The inner Melbourne suburb of Balaclava came third, followed by Eltham North and Fitzroy.

The fastest seller in Queensland was found in The Gap, Paddington, Woolloongabba, Grange and Ashgrove in Brisbane.

In Western Australia, Leederville, Shenton Park and Watermans Bay dominated, where Page, Spence and Higgins took out the best places in ACT.

Conisbee said the fastest selling suburbs outside Hobart and Adelaide were a "real blend".

"When you think about Bondi, you probably know that it will sell faster because it's a very desirable area, but then Colebee is also on the list in Sydney's outskirts, so you would not necessarily think it would be one of those fastest selling areas, "she said.

"I would make it not always the most desirable areas that are the fastest selling. Sometimes pricing in lesser-known areas is cheaper, which brings the people's interest.

"Currently in Sydney there are many first homebuyers that are very active in the market and affordable prices are a major factor in what drives people."

Conisbee said the threshold for government incentives for first homebuyers was $ 850,000, which could also explain why real estate in less well-known and cheaper areas sold so fast right now.

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