Home Insights The suburbs where properties are still selling at record speeds

The suburbs where properties are still selling at record speeds

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While the real estate market has cooled and homes have taken longer to sell, there are suburbs where eager buyers are snapping up properties as soon as they go public.

Analysis of the latest data shows that what is true for the market as a whole is not necessarily true at the suburban level.

Competition remains fierce in many outstanding suburbs, with properties selling at record speeds.

Across Australia, it took an average of 52 days for properties to sell in October. This is a significant increase from the average of 31 days in the previous quarter of 2022.

Last year, the number of buyers significantly outnumbered properties for sale, increasing competition and reducing average time to sale. This year, the situation has changed.

Buyer demand eased in response to higher interest rates and rising costs of living. That means less competition and slower home sales.

That is, except in these hot regions.

Adelaide homebuyers face challenges of low inventory, high demand and still rising prices.Photo: Getty

Glengowrie and South Plimpton take the top spot, averaging just 18 days to sell in the six months to October.

Adelaide is the only capital city to see a decline in sales hours over the past six months. This is likely due to lower median property prices and less relative impact of rising interest rates.

Between homes and units, there are some distinct differences in the types of suburbs where homes sell fastest.

When it comes to housing, the suburbs that see the fastest sales are often on the perimeter of metropolitan areas and tend to be in areas with lower median prices and more affordable prices.

By contrast, suburbs, where units sell the fastest, tend to be more expensive.

Beaches and riverside suburbs feature heavily on this list. There are also lifestyle suburbs around the city with great retail and hospitality facilities.

Looking at the market as a whole, the pace of real estate sales is expected to continue to slow.

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

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These factors are constraining buyers to move more cautiously and spend more time buying.

Nonetheless, where buyer demand continues to outpace supply, suburban properties are likely to continue to be highly contested, requiring buyers to act quickly to seize their chances of success.

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