When we look at house prices and trends, we generally look at average prices as whole across a city, and you don’t see the highs and lows of the average at a suburb level.
So while property prices have been falling as a whole in Melbourne, if we burrow down we can find out the little pockets where demand is still strong and houses are still being snapped up quickly.
In these suburbs, competition from buyers remains strong despite the overall downturn, and houses are selling almost as soon as they hit the market.
Rising interest rates have quelled demand from buyers in recent months, and it has seen the average time property takes to sell across Australia slip out to around 50 days in October.
But there’s always suburbs to look for that are bucking the trend. When it comes to houses, they mostly in more affordable areas on the fringes of metro areas, while units tend to sell fastest in areas closer to the city, beaches, rivers, and retail/hospitality venues.
The time property takes to sell on the market is expected to keep drifting while rates keep rising, inflation stays high and wages grow at a slower rate, but don’t expect things to slow down too much in these top 8 hot suburbs compiled by realestate.com, where you’ll have to act quickly to beat off the competition from other buyers.
Fastest selling suburbs – Houses Median days on market
- Doreen 22
- Lilydale 22
- Abbotsford 25
- Albert Park 25
- Armadale 25
- Boronia 25
- Clifton Hill 25
- Endeavour Hills 25
Fastest selling suburbs – Units Median days on market
- Chelsea 23
- Carrum Downs 24
- Edithvale 25
- Fitzroy 25
- Bentleigh East 26
- East Melbourne 26
- Nunawading 26
- Brighton East 27