10 days to sell: The Tassie suburb beating the nation

Hot property: Launceston’s Summerhill is a highly sought-after suburb, says property consultant Michael Dearsley. Picture: Supplied

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No suburb nationwide sells units as fast as this Tassie neighbourhood.

New PropTrack data shows Summerhill units only last 10 days on the market before selling.

The next best results are found in hot markets Adelaide and Brisbane, where units in Toorak Gardens, Alexandra Hills and Kenmore average 13 days to sell.

Back in Tasmania, the second-fastest suburb is a whole week slower than Summerhill, with Legana’s days on market sitting at 17.

Of Tasmania’s Top 10, seven suburbs are in the Launceston and North East region, including Youngtown third and Prospect fourth, ahead of Hobart’s quickest market, West Moonah, which takes almost double Summerhill’s time to sell.

Hobart suburbs Old Beach and Brighton made the cut at 21 and 22 days on the market.

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REA Group senior economist Anne Flaherty.

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REA Group economist Anne Flaherty said, at just 10 days, the Summerhill market — 10 minutes south of Launceston City — was flying.

“A median selling time of 10 days is very fast by historical standards,” she said.

“Nationally, the median time on market has averaged 36 days over the past five years.”

Harrison Agents property consultant Michael Dearsley listed a three-bedroom unit in Walnut Grove in June and was inundated with buyers.

He said the listing went live on a Wednesday and by Monday it was under offer.

“We received multiple offers, and also had a lot of people calling after it was ‘under offer’ who would have liked to purchase it, but they missed out,” he said.

“It was a good property, well positioned, but receiving four-five offers, plus those late buyers, shows how much demand there is in this area and in Launceston.”

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SOLD: No.1/4 Walnut Grove, Summerhill. Picture: Supplied

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SOLD: No.1/4 Walnut Grove, Summerhill.

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Mr Dearsley said there is no shortage of Launceston buyers looking for modern, well-insulated homes that are low maintenance. However, there is a lack of stock coming to the market, he said.

Mr Dearsley said there has been a clear shift towards dwellings that are easy to maintain in recent years.

“This is across all price brackets and buyer demographics,” he said.

Ms Flaherty said fast selling areas tend to have a combination of strong demand, appealing to a broad range of buyers, and relatively limited stock for sale.

“In other words, when opportunities to buy come up, homes get snapped up quickly because of the high level of competition among buyers,” she said.

“The outperformance of Launceston can in part be attributed to its greater affordability compared to Hobart.

“Over recent years, more affordable areas have shown greater price resilience.

“This comes as a growing share of buyers are priced out of more expensive regions.

“In addition, the lower average loan size required to buy in more affordable regions means the relative impact of interest rates in dollar terms is smaller, adding further price resilience in a high interest rate environment.”

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SOLD: No.1/4 Walnut Grove, Summerhill.

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Michael Dearsley from Harrison Agents Launceston.

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Meanwhile, research by Westpac shows young buyers are broadening their home expectations, with units growing substantially.

Comparing now to 2021, the bank found that first home buyers intending to buy a unit were up to 29 per cent from 17 per cent, and townhouses had grown from 7 per cent to 19 per cent.

Those intending to buy a house dipped from 64 per cent to 53 per cent.

Westpac executive Carolyn McCann said a first home doesn’t need to be a forever home.

“For many Australians, it’s about making a confident first step to create more options for the future,” she said.

“Home ownership is a long-term journey, so understanding the opportunities and trade-offs of different paths into the market can help buyers make informed decisions and stay focused on their longer-term goals.”