The housing market boom brought about by the unique factors amid the pandemic has started to ease but a new report from Well Home Loans identified 20 suburbs that appear to go the opposite direction.
The list, which is composed of nine metro and 11 regional locations, include markets that are showing clear signs of robust price gains.
Well Home Loans CEO Scott Spencer said these markets are likely to heat up further over the next few months.
“Inventory levels and days on market have fallen in all 20 locations over the three months to April, often from already low levels, which shows buying conditions have become harder,” he said.
The list is composed of suburbs across different price ranges, with the cheapest being New South Wales’ Lithgow that has a median price of $429,000 and South Australia’s Glenunga having the most expensive median price at $1.4m.
“Vendors have noticed, raising their asking prices in all but two of the locations — this is likely to translate to higher selling prices in the second half of the year.”
The suburbs included in the list have experienced substantial reduction in days on market between January and April 2022.
Furthermore, these suburbs also reported lower inventory levels, which refer to the time needed for the existing stock to be totally sold.
Most of the suburbs in the list have an inventory level of under one month, which means it would take less than 30 days for the current supply to be sold (assuming no further stock is added to the market).
|
State |
Suburb |
Type |
Median asking price |
Days on Market |
Inventory Level |
|
VIC |
Campbells Creek |
House |
$659,000 |
37 |
Under 1 month |
|
QLD |
Corinda |
House |
$1,208,340 |
23 |
Under 1 month |
|
NSW |
Albion Park Rail |
House |
$772,500 |
20 |
Under 1 month |
|
NSW |
Tuncurry |
House |
$705,000 |
38 |
Under 1 month |
|
NSW |
Lithgow |
House |
$429,000 |
34 |
Under 1 month |
|
NSW |
Albion Park |
House |
$821,600 |
20 |
4 months |
|
NSW |
Smithfield |
Unit |
$691,200 |
45 |
Under 1 month |
|
SA |
Greenwith |
House |
$545,000 |
26 |
Under 1 month |
|
NSW |
Rylstone |
House |
$480,000 |
40 |
Under 1 month |
|
TAS |
Gagebrook |
House |
$320,000 |
24 |
Under 1 month |
|
WA |
Chidlow |
House |
$649,000 |
43 |
1.7 months |
|
NSW |
Calderwood |
House |
$949,000 |
21 |
3 months |
|
QLD |
Enoggera |
House |
$1,025,000 |
22 |
Under 1 month |
|
SA |
Glenunga |
House |
$1,400,000 |
18 |
1.2 months |
|
VIC |
Cranbourne North |
Unit |
$490,000 |
35 |
1.3 months |
|
NSW |
Wangi Wangi |
House |
$897,600 |
31 |
1.3 months |
|
SA |
Golden Grove |
House |
$575,000 |
34 |
Under 1 month |
|
ACT |
Banks |
House |
$779,100 |
20 |
Under 1 month |
|
NSW |
Woodrising |
House |
$663,000 |
25 |
1.2 months |
|
VIC |
Cranbourne East |
Unit |
$504,720 |
37 |
3 months |
—
Photo by @aguywithcamera on Unsplash
