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The 16 Aussie suburbs running out of homes to sell

Despite experts predicting property price growth will slow down this year, the market is still as hot as ever in some sought-after suburbs.

New research commissioned by HOOD.ai found the top Australian house markets in desperate need of new listings due to severe undersupply.

In all these markets, the amount of time it would take for every property in the area to sell if no more were added to the market is less than one month.

HOOD.ai founder and CEO Tommy Fraser said buyers who wanted to move to these suburbs were struggling right now because owners just weren’t selling.

“Part of the reason Australia has been experiencing a property boom is that stock levels have been low, which has forced buyers to compete harder and bid up prices,” Fraser said.

“As a result, the median house price of most of these suburbs has experienced a double-digit percentage increase over the past year.”

Fraser said buyers desperately needed new stock to come onto the market.

“Right now, they’re in a terrible bind,” he said.

“When a house comes onto the market, do they offer a fair price and risk missing out? Or do they do whatever it takes to win the property but overpay?”

Here are the top 16 suburbs and their average house prices:
  1. North Sydney, NSW – $2.4 million
  2. Dapto, NSW – $737,000
  3. Belmont, VIC – $735,000
  4. Highton, VIC – $861,000
  5. Conder, ACT – $880,000
  6. Fairy Meadow, NSW – $1.15 million
  7. Menai, NSW – $1.4 million
  8. Evatt, ACT – $905,000
  9. Stanmore, NSW – $2.15 million
  10. Corrimal, NSW – $1.15 million
  11. Amaroo, ACT – $915,000
  12. Freshwater, NSW – $3.25 million
  13. Kambah, ACT – $880,000
  14. Collaroy, NSW – $3.75 million
  15. Croydon Hills, VIC – $1.06 million
  16. Cromer, NSW – $2.35 million

 

Article from: au.finance.yahoo.com