Home News Will Hobart suburbs still dominate fastest-selling list this year?

Will Hobart suburbs still dominate fastest-selling list this year?

Font size :

Hobart has some of the fastest-selling suburbs last year.

Australia's housing downturn commenced a domino effect on prices, listings, home-loan financing and even the average selling time for properties across many states.

While national figures paint a depressing picture, some individual states and regions actually bucked the trend and remained a bright spot last year. Such was the case in Hobart, which recorded a median price increase of 8.7%.

RiskWise Property Research CEO Doron Peleg told Business Insider Australia that the Tasmanian capital has some of the fastest-selling suburbs last year. In a list compiled by RiskWise, eight of the ten fastest-selling suburbs are from Hobart.

Lutana, a suburb of Hobart six kilometres from the CBD, and Mornington, only seven kilometres from the city centre, both recorded an 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 New South Wales," Peleg said.

In contrast, the national average number of days a property stays on the market is 43.

The table below shows the top 10 fastest-selling suburbs in Australia:

FASTEST-SELLING SUBURBS FOR HOUSES IN 2018

Suburb

State

Days on Market

Lutana

Tasmania

6

Mornington

Tasmania

6

Mount Nelson

Tasmania

7

Geilston Bay

Tasmania

7

Bellerive

Tasmania

7

Shenton Park

Western Australia

7

Lenah Valley

Tasmania

8

Claremont

Tasmania

8

Lauderdale

Tasmania

8

Castle Cove

New South Wales

8

The question is: Will Hobart be able to keep its momentum this year? Peleg believes that since the median home values in the city are now significantly higher than many mainland capitals, there is a likelihood that that market conditions will start to moderate.

"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 price growth was unsustainable," he said.

However, Peleg said the limited supply in Tasmania will continue to drive price movements, despite it being less affordable than the other states on a price-to-income basis.

It can be confusing to know whether to get a variable rate or fixed rate mortgage, and what features are important. That's why it's important to not only check the right rates, but make sure that you're getting the right features in your home loan. Get help choosing the right home loan

Mortgage News and Articles

Banning commissions is the best option for brokers and borrowers, says industry figure Banning commissions is the best option for brokers and borrowers, says industry figure

A broker has written an open letter arguing that removing commissions will benefit the whole industry Read more

More Aussies to struggle with mortgage repayments: Moody's More Aussies to struggle with mortgage repayments: Moody's The ratings agency expects an increase in delinquencies over the next few months ... Read more

Will Labor’s negative gearing changes only worsen the housing downturn? Will Labor’s negative gearing changes only worsen the housing downturn? Rate cuts would cushion the impact of the changes, but prices are likely to fall further ... Read more

Borrowers turn to customer-owned banks for home loans Borrowers turn to customer-owned banks for home loans They are ditching the Big Four banks due to the controversies uncovered during the royal commission's queries ... Read more

More mortgage news and articles

Sponsored Links

Friday, Mar 22, 2019
Top Featured Rates
Top Bank Rates

Get help choosing the right home loan

Let us help you find the right home loan for your needs.

Tell us a bit about your circumstances:
  • Purpose of mortgage
  • Household Income
    $
  • How much do you want to borrow?
    $
  • How much deposit do you have?
    $
  • How much is your house worth?
    $
  • How much do you still owe on your mortgage?
    $
  • What type of mortgage do you have?


  • How much is your new home?
    $
  • How much do you want to borrow?
    $
  • How soon do you want a mortgage?
Next
  • First name
  • Last name
  • Where do you live?
  • Phone number

Special Offers

Related Keywords