/Hobart dominates national fastest selling suburbs hit list

Hobart dominates national fastest selling suburbs hit list

Location Photos

Picturesque New Town Bay in Lutana, one of Australia’s fastest-moving property markets. Picture: ROGER LOVELL

LUTANA and Mornington are the fastest-selling suburbs in Australia.

Analysis from RiskWise Property Research shows eight of the nation’s top 10 property markets are found in the Greater Hobart area, including the five fastest suburbs.

While the national average time it takes to sell a house, per CoreLogic data, is 43 days on the market, Lutana and Mornington houses sell at a lightning fast six days.

Mount Nelson, Geilston Bay and Bellerive are not far behind with an average of just seven days while Lenah Valley, Claremont and Lauderdale recorded sales in eight days.

Shelton Park, WA, and Castle Cove, NSW, also cracked the Tassie-dominated top 10 list.

On realestate.com.au yesterday there were just eight homes available to buy in Mornington and 12 options in Lutana. Lutana properties are priced between $190,000 up to $1.3 million while Mornington homes ranged from $360,000 to $450,000.

RiskWise chief executive Doron Peleg said many of the Hobart suburbs that made the top 10 were less than 10km from the CBD, with Lenah Valley being only 5km, and those that were not had something special to offer buyers.

“For example, picturesque Lauderdale is 20km from the CBD but is highly sought after, overlooking Ralphs Bay with easy access to Roches and Seven Mile beaches,” he said.

Real Estate Institute of Tasmania president Tony Collidge said with the exception of Bellerive, each of these Hobart hot spots is a neighbouring suburb of some of Tassie more expensive areas. “Most of these areas are still affordable compared to their closest suburbs — Lutana compared to New Town, Mount Nelson to Sandy Bay, Geilston Bay to Lindisfarne, each of these areas could be called a ‘moving out suburb’,” he said.

“If you can’t afford New Town, move further out to Lutana.

“An example of this chain reaction is Moonah, which we saw take off after New Town prices grew too high for some buyers.”

The top 10 fastest-selling suburbs and their median prices are:

Lutana $400,000,

Mornington $385,500,

Mount Nelson $670,000,

Geilston Bay $465,000,

Bellerive $602,500,

Shenton Park $1.23 million,

Lenah Valley $560,000,

Claremont $350,000,

Lauderdale $470,000,

Castle Cove $2.625 million.