Properties like this terrace in Sydney's Enmore are being snapped up after less than a month on the market. Source: Supplied
SYDNEY properties are selling faster than anywhere else in Australia, with houses and units spending just over a month on the market and the best performers selling within days of listing.
The latest RP Data Property Pulse report has revealed that, as of April, Sydney properties averaged 35 days on the market (39 for houses and 31 for units) compared to 50 days for the combined capital cities and 60 days for all of Australia.
Melbourne was close behind at 38 days and Canberra's 49-day average was the only other capital to break 50.
The research provides another example of Sydney's supply crisis, with stock being snapped up faster than homes in resource-boom cities.
"Over the past four years, residential property in Sydney has typically sold faster than the combined capital cities,'' said Tim Lawless, RP Data's national research manager.
"In March, 162 Sydney suburbs had an average time on market for houses or units below the March capital city benchmark of 61 days.
"It is expected that the suburb-specific data for April will reveal further decreases.''
Sydney average days on market have been gradually trending downwards from 45 in April 2009 to the current 35, but rose to more than 50 briefly this time last year.
The inner-west suburb of St Peters was Sydney's fastest seller, averaging 23 days in the year to March.
Brett and Melody Lilley are selling their three-bedroom house at 48 Edith St, St Peters, and have noticed demand for the suburb rising steadily in recent years.
"We have been here for 11 years and it has gone through some gentrification,'' Mr Lilley said.
"When we bought here, we originally thought St Peters was an industrial area but were pleasantly surprised.''
The biggest change has been in property values, with the median St Peters house price growing by 35 per cent in the past five years, RP Data said.
The median of $694,000 is cheaper than neighbours Petersham ($840,000), Enmore ($800,000) and Marrickville ($775,000), which also explains the surge in demand.
"St Peters is waiting to burst,'' Joseph Tropiano of Belle Property Newtown said.
"It has all the same perks as the expensive suburbs.''
Sydney's fastest selling suburbs ...
St Peters: 23 days
Padstow: 26 days
Forest Lodge: 26 days
Bronte: 31 days
Crows Nest: 32 days
Revesby Heights: 33 days
Eagle Vale: 33 days
Oatley: 34 days
Stratheld South: 34 days
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