According to The Australian Financial Review, housing fever has spread to the more affordable outer suburbs of Sydney, Melbourne, Brisbane and Hobart as well as nearby regional cities as buyers battle record prices in the capital cities and fewer properties for sale.
New CoreLogic figures show houses and apartments in the outer suburbs and in regional cities like Newcastle, Wollongong and the Gold Coast sold twice as fast as homes in the inner suburbs over the past year, some taking just a week to secure a buyer.
The figures are based on homes that sold via private treaty over the 12 months to January and exclude homes listed for auction, which usually have a six-week marketing period. To qualify, a suburb had to record at least 10 private sales over the year.
Pricing pressure could start to ease soon with investment bank UBS calling the top of the housing market this month, foreshadowing a correction next year. CoreLogic's capital city home value index is expected to show little or no price growth in April with a slight easing in Sydney.
Mr Kusher added that there were "some early signs that stock levels are starting to rise which may lead to an easing in the perceived urgency to buy across some markets".
In NSW, Sydney's outer western suburbs, the Central Coast and the Blue Mountains had the fast selling suburbs led by South Penrith in the outer west and Wyoming on the Central Coast, where an apartment took just seven day to sell on average.
In Victoria, houses and apartments in the outer Melbourne suburbs of Frankston, Casey, Melton, and in the Yarra Ranges, sold fastest. Homes in outlying suburbs like Diggers Rest, Melton and Narre Warren took 10 to 12 days on average to sell.
These figures compare with an average "time on market" for houses and apartments in Sydney of 26 days and around 28 days in Melbourne houses, according to CoreLogic.
In Brisbane, where the average time on market for house and apartments is almost two months, houses in middle-ring suburbs like Middle Park and Ferny Grove sold in just two weeks.
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