Suburbs with the greatest number of transactions during 2010

This week’s Property Pulse highlighted that nationally, property sales volumes were at their lowest level in more than a decade (the lowest since 1996 actually).  Sales volumes had been impacted by the swift increases in interest rates and deteriorating affordability levels.  In saying this, there are still a number of areas which have recorded strong volumes of sales.

The list below details those suburbs which recorded the greatest number of dwelling sales (houses and units) during 2010.

Most sales

The suburbs listed are characterised by a number of features.  They are usually inner city suburbs dominated by unit developments, outer more affordable housing areas where the population is growing strongly or large regional townships.  The dominant characteristics throughout is that these suburbs are large in size and have lots of dwellings.

Melbourne has actually had the greatest number of sales during 2010, with 1,651 dwellings sold most of which were units.

It is also interesting to take a look at the suburbs which have recorded the greatest proportion of stock turning over during 2010.  For this analysis we have only included those suburbs which have recorded more than 30 sales over the year.  The table below details the top 50.

Greatest % of Sales

The growing suburb on Melbourne’s fringe, Casey, has recorded the greatest proportion of total stock turning over during 2010.  Over the year, 15.8% of all housing stock in the suburbs sold.  The suburbs listed here are characterised as having relatively fewer overall properties.  In a number of instances these suburbs are growth areas on the city fringe however, there is plenty of well established residential areas also detailed.

The last 12 months has been characterized by fewer sales but a large volume of properties available for sale, particularly during the second half of 2010.

Please let me know where your local market is and what the conditions are like.  Who are the vendors, why are they selling, which buyers are active, are vendors setting realistic prices and just how difficult is it to get a sale at the moment?

Related posts:

1. Buoyant confidence amongst business and consumers likely to support high numbers of housing transactions
2. GDP indicates Australia was doing alright….in December 2010
3. Building approvals rebound strongly during October 2010 – but not across the board