Vendors tend to sell by auction in the hope of snagging a buyer in the short campaign period and last year a greater number opted to sell under the hammer. Monthly clearance rates notched higher compared to 2016 reflecting the market confidence perceived throughout 2017. For many sellers it has made the typical three-to four-week auction campaign the norm.
However, all is not lost if you’re selling your home by private treaty as certain Canberra suburbs surpassed the benchmark of the three- to four-week auction campaign. A handful of suburbs have eager buyers purchasing in a matter of days.
Houses in Yarralumla listed for sale by private treaty spent a mere 13 days on the market. Yarralumla is home to some of the most expensive real estate in Canberra.
In late 2017, a historic estate positioned on the suburb fringe of Yarralumla, near Weston Park, commanding the stately title Westridge House, went on the market. The home sold for a figure yet to be disclosed, however, the speculative price is anticipated to be the highest sale achieved in Canberra last year and has made a new Yarralumla record.
Yarralumla was once dotted with weatherboard homes but opportunists have taken advantage of the lack of heritage restrictions and the sizeable blocks on offer to build their dream home. The average days on market illustrates buyers have no hesitations in making a snap purchase.
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Narrabundah buyers are also making quick choices as houses spent an average of 17 days on the market. It is nestled in Canberra’s most expensive district. By price-point comparison Narrabundah offers an entry to the premium market of the Inner South. The suburb continues to experience significant redevelopment, from extensive renovations to knockdown rebuilds.
Downer came in third place with houses purchased in 22 days. The median price of the three fastest selling suburbs surpass Canberra’s current median price of $714,975, with Yarralumla’s median at $1.43 million, Narrabundah’s at $847,500 and Downer’s at $805,000.
The figures indicate there were plenty of keen buyers looking for well-priced suburbs. Houses in Evatt spent an average of 29 days on the market and had the second lowest median sale price of the quickest selling suburbs at $545,000. Belconnen had the lowest median sale price of the 10 swiftest moving suburbs at $425,000, spending 31 days on the market. Houses in Palmerston also took an average of 31 days to sell.
In joint seventh place, houses in Florey and McKellar spent an average of 32 days on the market. Amaroo and Holder complete the top 10 fastest selling suburbs at 33 days.
Quickest selling suburbs*
Yarralumla: median of $1.43 million; 13 days on market.
Narrabundah: median of $847,000; 17 days on market.
Downer: median of $805,000; 22 days on market.
Evatt: median of $545,000; 29 days on market.
Palmerston: median of $581,000; 31 days on market.
Belconnen: median of $425,000; 31 days on market.
Florey: median of $609,250; 32 days on market.
McKellar: median of $755,000; 32 days on market.
Amaroo: median of $640,000; 33 days on market.
Holder: median of $617,000; 33 days on market.
* Days on market is an average taken from the time listed to the time marked sold, based on houses (including townhouses) sold by private treaty in suburbs with more than 10 sales. Transaction period based on 12 months to the end of October.