Over the 10 months until October 2016, the typical house in Canberra and Greater Queanbeyan took 62 days to sell. During that same period, a typical unit (which includes townhouses and apartments) spent 106 days on the market, just over six weeks longer compared to a house in the region.

Domain Group recently compiled a list of the top 10 fastest selling suburbs in Canberra from transactions over the first 10 months of 2016. According to Nicola Powell, data scientist at Domain Group, certain suburbs have a rate to sale that falls significantly below the average for the region.

Cook had the fastest rate to sale, with units spending an average of 36 days on the market – almost three times less than the regional average). Forde was the second fastest selling suburb, with a rate to sale of 42 days. Deakin and Hawker both made third place with an average rate to sale of 59 days. They were closely followed by Nicholls which had a rate to sale of 60 days.

The sixth fastest selling suburb was Isabella Plains, with a rate to sale of 62 days, followed by Holder at 63 days and Holt at 70 days. “Yarralumla and Macgregor completed the 10 fastest selling unit markets, with a rate to sale of 71 days and 74 days respectively,” said Powell.

The Canberra suburbs that made the cut into the top 10 fastest selling areas had markets comprised largely of townhouse transactions. Cook and Nicholls both had markets made up entirely of townhouse transactions.

“As house prices forge ahead, certain townhouse developments offer buyers a lower price point entry and retain many of the characteristics a detached home offers,” said Powell. “The fact townhouses appear to be the driving force behind the fastest unit sale markets highlights [their] popularity, particularly in certain regions.”
 

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