Speedy sales: The Qld suburbs where homes are selling fast

Homes in some parts of Queensland are selling faster than anywhere else in the country as buyer demand increases amid a dire lack of supply, despite uncertainty around interest rates and the rising cost of living.

New data from PropTrack reveals listings for houses in the suburb of Thabeban in the regional city of Bundaberg are lasting only 12 days on realestate.com.au before selling — the shortest time nationally, equal only to one Perth suburb.

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Toowoomba is also proving popular among buyers, with houses in the suburb of Meringandan West, where the median house price is $583,000, being snapped up in 13 days, while houses in Darling Heights and Rockville are also selling quickly.

A three-bedroom family home 660 sqm in Jennifer Crescent in Darling Heights recently sold in 10 days for $445,000.

Queensland also has the fastest selling location for units in the country, with units in the Cairns suburb of Manoora lasting only 13 days online, while units in the Cairns suburbs of Mooroobool and Westcourt are also hot property.

A one-bedroom unit in a small complex at 6 Springfield Cres, Manoora, recently sold in just seven days for $110,195.

Units in the Brisbane suburb of Browns Plains are selling in 14 days, and apartments in Carina Heights are also going fast.

A three-bedroom unit in at 42/17 Fleet St, Browns Plains, sold in only five days last month for $387,000.

PropTrack economist Angus Moore said Queensland’s popularity was helping to drive demand in some parts of the state, particularly more affordable suburbs.

“We’re certainly seeing fewer new listings coming to market this year than last year,” Mr Moore said. “That might be meaning some buyers are having to move quicker.

“One of the things we’ve seen throughout the last year or so is more affordable parts of our cities holding up a bit better, and that’s consistent with buyers looking in more affordable regions because they’ve been priced out of others as interest rates have risen.”

But Mr Moore said it was still taking nine days longer to sell a house in Brisbane than it was this time last year.

“Broadly, we have seen the time it takes to sell a home increase across the country,” he said. “For instance, in Brisbane in the past year, it’s about 38 days. That’s a week faster than across the country as a whole.”

SQM Research managing director Louis Christopher said there was still some vendor caution in the market, and those who were keen to sell wanted more for their properties.

Mr Christopher said asking prices rose again in April, with Brisbane vendors lifting their advertised prices by 0.6 per cent.

“Going forward it is likely we will see a bounce in new activity for May,” Mr Christopher said.

“The key will be if we record another fall in older stock as that will confirm buyer activity has risen to us.”

New listings in Brisbane fell 11 per cent in April, according to SQM.

The short supply of homes on the market is continuing to drive competition among buyers at auction.

Ray White Queensland chief auctioneer Gavin Croft said despite another rate increase, energy around auctions was still strong.

“Helping this is lower listing volumes right across the state, but in a noticeable trend, auction volumes are now on the rise,” Mr Croft said.

“Part of the current demand continues to see strong buyer appetite to secure property prior to auction.”

Auctioneer Justin Nickerson of Apollo Auctions said every reserve at the weekend had to be adjusted to achieve a sale for vendors.

“Although vendor expectations are still high, in most cases the information the agents are providing is hitting home and being accepted.”