Where buyers are snapping up homes almost as soon as they’re listed for sale

The number of properties available to buy remains low relative to pre-pandemic levels, which combined with strong demand means homes in some suburbs are selling just days after hitting the market.

The sharp interest rate hikes since last May have reduced borrowing capacities of those looking to buy a home by around 30%. This has priced some out of the market – but not all.

In fact, the number of potential purchasers – those in the late stages of their property purchase journey – is still high enough that there are significantly more buyers per listing than before the pandemic.

This is especially the case in Queensland and South Australia, where there are 140% and 170% more potential buyers per listing respectively compared to February 2020.

Strong demand coupled with the fact that there are at least 30% fewer properties listed for sale than pre-pandemic means that buyers in these states are still facing strong competition.

And sellers are benefiting as a result.

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A closer look at the fastest-selling suburbs for houses shows where properties are snapped up almost as soon as they are listed.

Suburbs with the shortest days on site – houses

Source: PropTrack. Data covers year to February 2023; includes suburbs with ≥ 30 sales

Suburb	GCCSA	Median Days on Market
Meadowbrook	Greater Brisbane	10
Darling Heights	Rest of Qld	12
West Hobart	Greater Hobart	13
Bridgewater	Greater Adelaide	13
Geilston Bay	Greater Hobart	13
Thabeban	Rest of Qld	13
Meringandan West	Rest of Qld	13
Toowoomba City	Rest of Qld	13
Leda	Greater Perth	13
Redlynch	Rest of Qld	14

Almost all of the top suburbs with the shortest median days on site are located in Queensland and South Australia, with regional Queensland also featuring prominently.

The typical house in Meadowbrook in Brisbane was listed on realestate.com.au for just 10 days before being sold.

Darling Heights and Thabeban in regional Queensland were also popular among buyers, with houses snapped up in 12 to 13 days.

Bridgewater in SA was another sought after suburb with houses typically listed on site for 13 days before being sold.

The trend was apparent for units as well, with the majority of the fastest-selling suburbs in Queensland and SA.

Suburbs with the shortest days on site – units

Source: PropTrack. Data covers year to February 2023; includes suburbs with ≥ 30 sales

Suburb	GCCSA	Median Days on Market
Thorneside	Greater Brisbane	11
Manly West	Greater Brisbane	12
Mooroobool	Rest of Qld	12
Manoora	Rest of Qld	13
Blacksman Bay	Greater Hobart	15
Ascot Park	Greater Adelaide	15
Boronia Heights	Greater Brisbane	15
Kennington	Rest of Vic.	16
Parramatta Park	Rest of Qld	17
Camp Hill	Greater Brisbane	17

Units in Thorneside and Manly West in Brisbane were typically sold in just 11 and 12 days respectively.

Mooroobool and Manoora, both regional Queensland suburbs, also attracted many buyers with units only on the market for 12 to 13 days before they sold.

Another popular suburb for units was Ascot Park in SA, where listed properties were on site for just over two weeks.

Interest rate increases have reduced the amount potential buyers are able to borrow. While this has decreased demand from its record highs over the past two years, it still remains relatively strong.

We expect competition to persist, especially in more affordable states such as Queensland, Adelaide and Western Australia.

Article source: Queensland Property Investor