PROPERTY

Australia's hottest selling suburbs for houses and units

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Over the 12 months to June 2016, houses have on average taken 46 days to sell and units 43 days.

A year earlier these figures were at similar levels with houses taking 45 days and units 41 days on average.

Looking at figures across the country's council regions, it is clear that the strong rate of sale is largely being driven by our most populous capital cities, Sydney and Melbourne.

hottest selling suburbs

Council areas with fewest days on the market, houses, 12 months to June 2016

Council Area State No of sales Median days on market
Hobart Tas 610 18
Yarra Ranges Vic 2,102 19
Camden NSW 1,393 21
Casey Vic 4,210 21
Frankston Vic 2,125 21
Penrith NSW 2,551 22
Knox Vic 1,813 22
Subiaco WA 134 23
Campbelltown NSW 2,130 23
Warringah NSW 1,240 25
Maroondah Vic 1,342 25
Gosford NSW 2,945 26
Waverley NSW 462 27
Manly NSW 388 28
North Sydney NSW 253 28
Wollondilly NSW 816 28
Wollongong NSW 2,316 28
Clarence Tas 802 29
Shellharbour NSW 947 29
Sydney NSW 919 29
Wyong NSW 3,337 29
Banyule Vic 1,589 29
Boroondara Vic 1,953 29
Darebin Vic 1,304 29
Kingston Vic 1,551 29
      Source: CoreLogic

No suburbs outside NSW, Victoria, Western Australia and Tasmania even make the list.

Somewhat surprising is that Hobart has seen houses sell more quickly than anywhere else in the country, at just 18 days over the year.

Of the top 25 council areas listed, only Wollondilly, Wollongong and Shellharbour, all in NSW, are outside a capital city.

Council areas with fewest days on the market, units, 12 months to June 2016

Council Area State No of sales Median days on market
Horsham Vic 33 13
Camden NSW 75 14
Penrith NSW 771 20
Warringah NSW 1,136 20
Campbelltown NSW 524 21
Sutherland Shire NSW 1,568 22
Parramatta NSW 1,477 23
Pittwater NSW 481 23
Clarence Tas 157 23
Maroondah Vic 746 23
Lane Cove NSW 405 24
Manly NSW 469 24
Mosman NSW 362 24
North Sydney NSW 1,186 24
Blacktown NSW 781 25
Botany Bay NSW 325 25
Hornsby NSW 587 25
Randwick NSW 1,154 25
Kingborough Tas 139 25
Knox Vic 542 25
Yarra Ranges Vic 316 25
Ryde NSW 943 26
Willoughby NSW 704 26
Gosford NSW 932 27
Holroyd NSW 741 27
      Source: CoreLogic

The unit market is generally showing quite similar trends to the detached housing market.

Again, the list of the top 25 areas is dominated by Sydney and Melbourne.

In fact, there are only two entries outside NSW and Victoria and only one (Horsham) that is not within a capital city region.

These figures make it clear why home values have been increasing at a much more rapid pace in Sydney and Melbourne than in the rest of the country. Heightened demand has increased competition for stock and resulted in sales occurring at a much more rapid pace.

More recently, housing demand has started to slow and we would expect that to continue over the coming year. In Sydney and Melbourne in particular homes will start taking longer to sell.

Conversely, markets such as Hobart and potentially south-east Queensland, along with some larger regional areas, may see their days-on-market figure fall as demand increases there and slows in Sydney and Melbourne.

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Cameron Kusher is head of research at CoreLogic.
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