New study also shows that homes are selling faster than ever
A new study has revealed the top suburbs across Australia where available housing stock was the tightest and loosest through 2020.
Figures from the study, released by Aussie in partnership with CoreLogic, revealed that the suburb with the highest percentage of housing stock listed for sale in 2020 was Russell Island in Greater Brisbane, which had 19.3% of its stock on the market last year.
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It was followed by Palmview in the Sunshine Coast of Queensland (18.3%); Kooralbyn in Greater Brisbane (18.1%); Monto in Queensland (17.0%); Woodgate in Queensland (16.8%); Baringa in Queensland (16.7%); Agnes Water in Queensland (16.4%); Wongaling Beach in Queensland (16.4%); Rockbank in Greater Melbourne (15.6%); and Childers in Queensland (15.0%).
On the other side of the spectrum, Paraburdoo, in Western Australia, was the suburb with the lowest percentage of housing stock listed for sale in 2020, with just 0.3% of its stock listed last year.
It was followed in the top 10 by Middlemount in Queensland (0.9%); North Arm Cove in New South Wales (1.0%); Wickham in WA (1.1%); Tom Price in WA (1.2%); St Johns Park in Greater Sydney (1.4%); Croydon in Greater Adelaide (1.4%); Abbotsbury in Greater Sydney (1.5%); Wakeley in Greater Sydney (1.6%); and Gardenvale in Greater Melbourne (1.6%).
The study also showed that the median time of properties on market across the country was just 36 days in 2020 – the shortest amount of time in eight years.
“Homes are selling at quicker rates across Australia and buyers need to be prepared to act fast to secure a property, organising their financing and pre-approval for a loan through their mortgage broker,” said James Symond, chief executive officer of Aussie. “Being prepared with a pre-approval in place will ensure buyers are well positioned to take advantage of these favourable market conditions and be able to quickly place an offer on any property they want, maximising the likelihood of success.”