The fastest-selling properties of 2023

The 2023 housing market had properties flying off the shelves, despite high interest rates, lower borrowing capacities and a cost of living crisis. In some parts of the country, properties are spending just one week on the market before being snapped up.

In many areas, supply is not meeting demand and new listings disappear in the blink of an eye, making it feel like a race against time to snatch up your dream home before someone else does. 

The Domain End of Year Wrap 2023 report has revealed the fastest-selling suburbs in the country – and they’re not just the competitive areas of Sydney or Melbourne.

While across the country houses are taking longer to sell than last year, there are still suburbs that remain difficult to crack for buyers – especially in Perth.

Here are the top 10 fastest-selling suburbs in Australia by state for 2023

Western Australia

Topping the chart is the Perth suburb of Leda, 41 kilometres from the CBD, where, on average, a property spends eight days on the market. A close runner-up in Western Australia is  Brookdale at 10 days, followed by Hillman at 12 days. 

Leda’s average of eight days on market is an anomaly compared with Perth’s average of 62 days, because investors are buying lower-end properties in droves as infrastructure development booms, says local agent Alice Williams of 1st Place Realty.

“A lot of money is being plunged into the area as a whole in terms of infrastructure and industry and all sorts of stuff,” she says. “There is so much development work going on there.

“Leda is a good investment suburb. [Properties] are cheap, affordable and near the freeway. And you can commute to the city quite easily. It’s not too far from the beach.”

SOLD - $550,000

1 Dixon Mews, Leda WA 6170

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NSW

In NSW, the fastest-selling suburbs are Normanhurst and Dean Park, with an average of 13 days on the market. They were followed by Birrong with an average of 17 days. 

Normanhurst is 30 kilometres north of the Sydney CBD, close to Hornsby, and is known for its large homes and land.

Gary Ward of Century 21 Radar Properties says people who buy in the suburb typically search for property in the Wahroonga region and find that Normanhurst is several million dollars cheaper. 

“If you’re a buyer and you’ve got $3 million you won’t get much in Wahroonga,” he says. “But you pop yourself into Normanhurst and you could get something really nice, or do it up, or it’ll already be done up.”

Ward believes Normanhurst properties are flying off the shelf because the suburb offers easy walking access to amenities like public transport, private schools and shopping centres. 

“[Normanhurst is] 30 minutes away from Sydney CBD and one house is nearly 900 square metres,” he says. “It’s prime real estate.”

FOR SALE - CONTACT AGENT

18 Eaton Avenue, Normanhurst NSW 2076

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Victoria 

Watsonia North is 17 kilometres north-east of the Melbourne CBD and is the fastest-selling suburb in Victoria, with properties spending an average of 21 days on the market.

“Watsonia North is a secondary suburb to Watsonia, Bundoora and Greensborough,” says Brett Sparkes of Jellis Craig Greensborough.

“We’re finding that the attention is mostly focused on those larger, bigger suburbs and then suddenly Watsonia North is a secondary but a lot of people forget about it.

“They notice the location is really good for schools and shops and lifestyle – and [it] doesn’t impact anyone else’s lifestyle that much if they don’t live in those bigger suburbs.

“Everything is within close proximity without needing to be right in one of those major, more expensive suburbs.”

Sparkes says he has seen a lot of young families moving into Watsonia North, and older people who have owned their homes for more than 40 years are moving out. 

Watsonia North is followed by Croydon Hills, with 23 days on the market, and Tecoma with an average of 24 days.

SOLD - $780,000

9 Dallas Crescent, Watsonia North VIC 3087

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Queensland

In the sunshine state, Brendale, 23 kilometres north of Brisbane City, is the fastest-selling suburb. There, the average property spends 18 days on the market. 

Other fast-selling areas include the small rural suburb of Laidley North, with an average of 22 days. 

SOLD - $500,000

613/2 Nicol Way, Brendale QLD 4500

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ACT

Properties in Fraser, in the Belconnen region, spend an average of 31 days on the market. Properties are also quick to sell in nearby Hawker, with an average of 33 days, and in Higgins, with 34 days. 

These three suburbs are known for having properties with larger blocks of land. They sit about 13 kilometres north-west of the Canberra CBD.

SOLD - Price Withheld

15 Edlington Street, Fraser ACT 2615

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South Australia

Properties in South Australia spend over a month on the market, with the northern Adelaide suburb of Hiller being the fastest. Property there takes an average of 39 days to sell, while those in greater Adelaide spend an average of 64 days on the market.

Tasmania

Properties in Tasmania take from 22 days to more than two months to be sold, depending on the region. In Hobart, the typical house spends 73 days on the market.  

The fastest-selling suburb in the state is Rosny – located in the greater Hobart area, four kilometres from the CBD – and on the eastern shore of the River Derwent.

Offers over $950,000

54 Kellatie Road, Rosny TAS 7018

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Northern Territory

Most of the suburbs in the Northern Territory spend more than two months on the market before finding a buyer. 

Darwin properties take an average of 123 days to sell, making it the capital city where houses are on the market the longest. 

Nakara – a northern Darwin suburb – is the Northern Territory’s quickest-selling suburb, where properties, on average, spend 74 days on the market before being sold.

SOLD - $750,000

19 Buchanan Terrace, Nakara NT 0810

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