10 suburbs defying the current market cooling

The quarterly Well Money green sprouts The report identified five homes and five unit markets nationwide that are bucking the national trend of declining values. Listed suburbs saw a combination of declining inventory levels and days on markets, while asking prices moved in the opposite direction.

NSW has the most prominent suburbs, with five, while Queensland and Western Australia each have two, and Victoria claims one.

Well Money chief executive Scott Spencer said the report’s findings underscore how the national housing market is not unified in its behavior as conditions favor sellers in the 10 listed suburbs.

“Australia is not one big housing market. There are actually hundreds of different markets spread across the eight states and territories,” he said.

Mr Spencer explained how reduced inventory levels and days on market meant that in the listed suburbs ‘conditions have moved in favor of sellers’.

“Vendors have raised asking prices in all but two suburbs, despite the market cooling in many parts of the country,” he added.

“The suburbs in this report are expected to expand in the coming months. Indeed, demand is currently greater than supply, which means that buyers are forced to compete fiercely. This type of competitive tension is likely to generate increases in selling prices.

The 10 suburbs where prices will increase in the coming months are:

  1. seven hillsSeven Hills, New South Wales Seven Hills, QLD (New South Wales) – Unit:

The latest quarter saw inventory levels drop from 7.6 months to 1.9 months, while days on market fell 9.8% to 46 days. The median asking price increased 0.8% from $635,000 to $640,000.

  1. ScarboroughScarborough, WA Scarborough, QLD (WA) – House:

A 6.3% increase in the median asking price means prices currently sit at $859,000, thanks in part to inventory levels down 72.3% at two months and days on market falling from 48 to 47 days in the last trimester.

  1. Ridge ParkPark Ridge, Queensland Park Ridge, Queensland (Qld) – House:

Inventory levels currently sit at 1.7 months, having started the quarter at 6.2 months, while trading days fell 10 days to 34 days. The median asking price rose from $487,991 to $516,900.

  1. Tuart Hill (WA) – House:

Interestingly, the median home price in Tuart Hill fell 2.1% between April and July 2022 to now stand at $679,000. Days on market also fell from 41 days to 38 days, and inventory levels also fell 63.8% from 6.6 months to 2.4 months.

  1. Gosford (New South Wales) – Unit:

Units located on the coast saw a 2.7% increase in median asking price to now stand at $575,000. Inventory levels fell to three months from 7.2 months, and days on the market fell by one day to 28 days.

  1. Bermagui (NSW) – House:

At $929,000, the median asking price rose 2.6% in the quarter between April and July 2022, while days on market fell 18.8% from 48 days to 39 days. Inventory levels are also at 3.2 months after previously being at 7.3 months.

  1. Carlingford (New South Wales) – Unit:

Inventory levels almost halved between April and July, from 8.2 months to 4.3 months, while days on market also fell 3.3% to 29 days. Interestingly, median asking prices are also down 3.3% in the region, currently standing at $708,000.

  1. Buddina (Qld) – Unit:

A decline in days on market, from 41 days to 38 days, and inventory levels, from 4.9 months to less than a month, pushed the median unit price up 8% from 690,000 $ to $745,000.

  1. Cook Point (Vic) – Unit:

Much like Buddina, inventory levels in this suburb are below a month, while days on market have dropped from four days to 41 days. This allowed the median asking price to rise from $540,000 to $550,000.

  1. Balcatta (New South Wales) – House:

A significant 70.1% decline in inventory levels peaked at 1.6 months in July 2022. Days on market fell slightly from 49 days to 47 days, which saw the median asking price in the region increase by 5.5%, from $626,200. at $660,950.

10 suburbs defying the current market cooling

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Last update: August 04, 2022

Posted: August 05, 2022