This week we inspect an $8million plus estate in Sydney, get blown away by a stunning rural home in Jilliby and see what a fabulous home can be bought for under $600,000 in the most researched suburb of Adelaide
Suburbs with median prices under $600,000 are experiencing the quickest flip rate. Source: Supplied
THEY'RE the average suburbs that have become highly desirable, where buyers stand to make a packet more than in gold-plated enclaves.
Australia's fastest selling locations aren't traditional blue ribbon suburbs or mining powerhouses. Most are affordable enclaves within reach of the average mortgage.
Admittedly, those buying a home - not an investment - might be looking at more subjective factors than "fastest selling" or "cheapest", but if you can manage to buy a property that suits your lifestyle and budget in an area on the cusp of soaring values, what's not to like?
Remember that prices in once-unfashionable, now-sexy Bondi Beach have risen more than 130 per cent in the past 10 years, and the same for previously out-of-favour Redfern.
Now there's a whole new set of ugly duckling suburbs with the potential to be tomorrow's Bondi or Redfern.
New RP Data research shows that Australia's fastest selling suburbs are in areas where median property prices range from $240,000 to $670,000. It's good news that pockets of realistically priced housing still exist, particularly for first-time buyers contending with the investor boom.
And it's an even better sign for vendors. Just two years ago, many listings were languishing on the market for months, even years. Now properties in sought-after suburbs are selling within days, on the back of lower interest rates, investor demand and renewed confidence in the housing sector.
RP Data senior research analyst Cameron Kusher says it's not surprising that suburbs with median prices under $600,000 are experiencing the quickest flip rate.
"This is reflective of figures from RP Data which shows the premium sector of the market has to date seen the weakest market conditions while relatively more affordable sectors are recording stronger values gains," Mr Kusher says.
"With upgraders and investors - the most active forces in the housing market currently - it is no wonder that suburbs which typically have a median price below $600,000 are experiencing the shortest length of time to sell."
Property powerhouses
If you're listing a house in Western Australia's Craigie, you'll find a buyer in less than three weeks, according to the RP Data annual figures. It has the fastest sales turnover in Australia.
The suburb, 20km north of Perth and about 2km from the beach, has a median house price of $443,500 - less than the Perth median house price of $500,000.
The average number of days a Craigie house will be on the market is 18 compared with the Perth average of 80.
Realmark Whitfords sales agent Alan Reay attributes Craigie's popularity to its location, development potential and affordability.
"A lot of homes have sold before they go online lately,'' Mr Reay says.
Meanwhile in NSW, units in Sydney's Lewisham are turning over within 25 days, making it the state's most sought-after suburb.
In Victoria, houses are taking just 30 days to sell in Coldstream, 36km from the Melbourne CBD, while in Brisbane, Fairfield units are selling in less than a month.
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