Market momentum: Where prices are set to boom as home sales accelerate
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In a dynamic shift across Australia’s real estate landscape, homes in several key markets are selling at an accelerated pace, indicating a surge in demand that could drive property prices to unprecedented heights. Recent data from PropTrack reveals that in some suburbs, homes are being snapped up in mere days, underscoring a market where buyer interest is outstripping the limited housing supply.
The data, which tracks the median number of days a home remains on the market before being sold, serves as a critical indicator of property demand relative to supply. In general, shorter selling times suggest robust buyer interest, whereas longer durations may indicate a wider selection for buyers or sellers holding out for higher offers.
REA Group’s senior economist Eleanor Creagh highlighted the correlation between market supply and demand with the time homes spend on the market. “When the number of homes for sale is limited, buyers have fewer options and properties tend to sell faster,” she explained. “Conversely, when listing volumes rise, buyers gain more choice and selling times can lengthen as competition between sellers increases.”
Nationally, the average selling time for a typical Australian house is 34 days, while units sell in about 32 days. These figures are slightly faster compared to the previous year, with selling speeds generally quicker in capital cities than in regional areas. This trend marks the onset of a new phase of price growth in the property market.
The data also identifies Carrum Downs in Melbourne’s outer southeast as the fastest-selling suburb nationally, with houses typically selling in just 11 days. Units in the area follow closely, selling in about 15 days. Michelle Stephens, a real estate agent with OBrien Real Estate Carrum Downs, attributes this rapid turnover to the suburb’s affordable home prices and strategic location between Melbourne and the Mornington Peninsula. “The whole Frankston City Council is a bit of a hotspot,” she noted. “Supply has been pretty tight for the past 12 months, but with some of the results we’re getting, we’re starting to see a bit more supply come to the market because people have more equity in their property so they’re able to upsize.”
The median house price in Carrum Downs has surged nearly 12% over the past year to $787,500, a rate of growth nearly three times faster than the overall price increase across Melbourne. Creagh pointed out that many of Australia’s fastest-selling suburbs are in middle and outer ring markets, which tend to offer more affordable price points, thus attracting strong buyer demand amid ongoing affordability constraints.
In Adelaide, the quickest-selling suburbs are predominantly located in the Hills, such as Bridgewater and Crafers, as well as inner northwest suburbs like Brompton and Woodville South. Meanwhile, Brisbane’s north is home to several of the city’s fastest-selling suburbs, including Zillmere, Chermside West, Everton Park, and Aspley, with the outer southern suburbs like Crestmead and Boronia Heights also experiencing rapid sales.
Dan D’Silva, director of SOL Property, described a significant transition in Zillmere’s property market, with an influx of young professionals. “It’s flown under the radar for a long time,” he said. “It’s changed a lot, with a lot of knockdown rebuilds – now there’s a lot of young families. We’re seeing so much demand for our area and not a lot of properties coming into the market. If that continues, prices will go higher.”
In Sydney, rapid sales are occurring in multimillion-dollar suburbs such as Clovelly and Naremburn, while the fastest-selling areas for units are located in the inner west, northern beaches, and Sutherland Shire. However, the majority of NSW’s fastest-selling suburbs are more affordable areas in the Hunter region, including Beresfield, Rankin Park, and Kurri Kurri.
Renee Bean-Wyper of Stone Real Estate Hunter Valley reported a surge in demand for affordable homes amidst a regional supply crunch, leading to homes selling quickly and often above price expectations. “It is absolutely crazy,” she said. “There is no supply and there is a huge demand. A lot of first-home buyers, whether they’re coming from Newcastle or the Central Coast area, are looking for anything under $800,000.”
Perth’s northwest dominates the city’s list of fastest-selling suburbs for houses, with notable activity in Woodvale, Edgewater, and Doubleview. Inner suburbs like Highgate and Mount Lawley are leading the charge for unit sales.
The data also highlights suburbs where selling times have decreased over the past year, suggesting potential for further price increases. “Falling days on market signals improving market momentum,” Creagh explained. “When homes start selling more quickly, it indicates that the market is tightening and buyer sentiment is strengthening.”
In Darwin, the most significant reductions in selling times are occurring in the more affordable Palmerston region, while units in inner-city suburbs like Parap, Stuart Park, and Darwin City are also selling faster than last year. This trend is mirrored in Hobart’s northern suburbs, where demand from both owner-occupiers and investors is driving rapid sales.
Aaron Murray of 4one4 Property Co observed that the least amount of stock on the market in a long time is contributing to faster sales in areas like Austins Ferry. “Properties are selling quicker because of the rental yields, and investors seem to be very prominent in securing properties,” he said.
Even in larger capitals, the most significant reductions in days on market are found in more affordable outer areas, with Sydney seeing quicker sales in suburbs like Wilberforce and Thirlmere, and Melbourne experiencing similar trends in Bacchus Marsh and Melton.
In Perth, homes are selling faster in pricier western suburbs such as Mosman Park, Cottesloe, and City Beach, suggesting increased demand for premium properties among homeowners looking to upgrade.