Wondering why your property sold incredibly quickly, or hasn’t moved in ages? Your property just might be in one of these suburbs.
CoreLogic research analyst Cameron Kusher has analysed suburbs around Australia with at least 1,000 dwellings in them to calculate which have the highest turnover and the lowest turnover over the last year in the latest Property Pulse.
Across the country, housing turnover is currently at 4.8 per cent over the last 12 months ending February 2018.
The suburbs with the highest turnover, according to Mr Kusher, are areas characterised as starting points for families who wish to enter the market, typically more affordable areas based around the outer fringes of capital cities.
“Lower turnover is likely attributable to several factors including high transactional costs such as stamp duty, the challenge for first home buyers in raising a sufficient deposit, as well as affordability constraints and disincentives for mature aged home owners to downsize,” Mr Kusher said.
The suburb with the highest turnover for the state, as well as nationally, was Spring Farm, which saw 12 per cent of its housing stock sell over the last year. Four out of five of the suburbs were based in the Greater Sydney region. These include, along with Spring Farm, are Oran Park (11.1 per cent), Jordan Springs (10.4 per cent) and Edmondson Park (9.5 per cent). The exception to this is Casuarina (9.5 per cent).
Meanwhile, three out of five suburbs for lowest turnover were also based in the Greater Sydney area, with Denistone (1.7 per cent) and Berala (1.9 per cent). Surprisingly, Sydney (1.8 per cent) itself made the list. The other suburbs are North Arm Cove (0.6 per cent) and Kempsey (0.7 per cent).
All of Victoria’s highest turnover suburbs were located in the Greater Melbourne area in new housing estate areas, with Clyde North (10.5 per cent) topping the list. Following this is Mickleham (9.7 per cent), Maddingley (8.8 per cent), (8.5 per cent) and Wollert (8.3 per cent).
The lowest turnover suburbs were mostly in the Greater Melbourne area, with Plumpton (1.5 per cent) and Brunswick East (1.7 per cent). Other areas include Ballarat (0.6 per cent) and Bendigo (1.7 per cent).(0.4 per cent) coming out as the lowest turnover for the state and the country, as well as
Most of Queensland’s high turnover suburbs are based in the Greater Brisbane area, and have receiving new levels of housing supply, except for the state’s top performer, Rochedale (11.8 per cent) and Richlands (11 per cent), while non-Greater Brisbane suburbs were Peregian Springs (12.2 per cent) and (10.7 per cent).(12.5 per cent), which instead is seeing new unit supply. Next was
Queensland’s lowest turnover suburbs were all located away from Brisbane and the South-East Queensland corner of the state. Middlemount (0.5 per cent) saw the lowest turnover, followed by Clermont (1.3 per cent), Ingham (1.6 per cent) Charleville (1.7 per cent) and Kin Kora (1.8 per cent), the latter of which the Property Pulse pointed out is the only area with high population levels, while the others are all based in agricultural or mining areas.
All of South Australia’s highest turnover suburbs are situated in the Greater Adelaide Area with high levels of established housing stock; the Property Pulse mentioned that other capital cities predominately see their highest turnover suburbs in areas with new stock. The highest performer is Seaford Meadows (9.1 per cent), followed by Woodville West (8.6 per cent), Dover Gardens and Kurralta Park (7.6 per cent) and Oaklands Park (7.5 per cent).
In terms of the lowest performing suburbs, all were located away from Greater Adelaide, and four out of five were based in the town of Whyalla, which the Property Pulse said is linked closely to the resource sector. The suburbs are Whyalla Norrie (2.1 per cent), Whyalla Stuart (2.3 per cent), Whyalla (2.5 per cent) and Whyalla Playford (2.8 per cent).
The top four out of five highest turnover suburbs are all located in the Greater Golden Bay (5.3 per cent), then Innaloo, Brabham and North (5.2 per cent), and then South Hedland (5.1 per cent), although the Property Pulse warned that the latter has turnover at prices below peak.area, with three of these located near new housing. The top suburb is
Converse to the highest turnover suburbs, the top four lowest turnover suburbs are located outside of the Greater Perth area; Tom Price (0.9 per cent), Derby (1.2 per cent), Lancelin and Merredin (1.7 per cent). The former two are based in the resources sector, while Lancelin is in fishing and Merredin is in agricultural. The fifth-last suburb, located in the Greater Perth area, is Murdoch (1.7 per cent).
The top four of Tasmania’s highest turnover suburbs are based in the Greater Hobart area, with and Sorell (7.6 per cent) topping the charts, followed by Midway Point (7.3 per cent) and Old Beach (6.8 per cent). Huonville (6.7 per cent) is based just outside of the Greater Hobart area. The high turnover areas are located in the outer suburbs of the city with lower prices.
Looking to the lowest turnover suburbs, most of the suburbs are located in the Greater Hobart area, the lowest being Battery Point (3.3 per cent), then next is West Hobart (3.6 per cent) and Lenah Valley (3.9 per cent). The suburbs outside of the Greater Hobart area are Smithton and (3.7 per cent)
Few high performing suburbs are located in the Greater Darwin area, only Fannie Bay (7.3 per cent) and (4.5 per cent). The rest, located within Alice Springs, are East Side (6 per cent), Gillen (4.7 per cent) and Braitling (4.5 per cent).
As for the lowest performing suburbs, all are based in the greater Darwin area, with the bottom performing suburb being Moulden (2 per cent), followed by Millner and Parap (2.3 per cent), Darwin City (2.4 per cent) and Gray 2.5 per cent.
The highest performing suburbs in the ACT are mostly based in the outer suburbs of Canberra, which are Coombs (11.4 per cent) Casey (6.1 per cent) and Bonner (5.6 per cent). Pearce (6 per cent) and Dickson (5.7 per cent) are based in more established markets.
For the lowest performing suburbs, three out of five, being Aranda (2.5 per cent) and Giralang and Cook (2.7 per cent) are based in the Belconnen district, while the other two, Cook (2.7 per cent) and City (2.8 per cent) are situated within the city centre.