Top 20 suburbs impacted by a cooling market

• Research by Openn has identified the 20 Australian suburbs impacted most by the cooling housing market
• Ballarat Central takes top spot, with days-on-market rising from 31 to 51 over the past three months
• Research aims to help sellers understand market conditions and adjust price expectations accordingly

Despite summer well on its way, new research has revealed the top 20 Australian suburbs that are feeling the cool as the housing market comes off a boil.

The research, commissioned by online property sales platform Openn, analysed areas where days-on-market have increased despite maintaining buyer demand.

Openn Managing Director Peter Gibbons said the research aims to help sellers understand current market conditions and adjust their expectations.

He acknowledged it can be difficult for vendors to settle on a property’s price point given the fast-paced nature of the market.

“Agents and sellers must carefully consider their pricing and sales strategy as the longer a property is on the market, the less buyers expect to pay.”

Peter Gibbons, Openn Managing Director

Queensland dominated the list with half of the suburbs, while the Victorian city of Ballarat Central took the top spot with an average of 51 days on market.

The list featured 13 house markets and 7 unit markets.

Properties in Victoria’s Eagle Point are typically on the market for the longest period at 59 days, up from an average of 41 days just three months ago.

Currumbin and Cooroibah are the only suburbs on the list to exceed a typical asking price of $1 million, with price tags of $1,745,000 and $1,450,000 respectively.

Top 20 cooling house markets

1. Ballarat Central, VIC (Unit)
2. Dicky Beach, QLD (Unit)
3. Beaumaris, TAS (House)
4. Barmera, SA (House)
5. Sunnybank, QLD (Unit)
6. Woorim, QLD (Unit)
7. Liberty Grove, NSW (Unit)
8. Eagle Point, VIC (House)
9. Little Mountain, QLD (Unit)
10. Beaconsfield, TAS (House)
11. New Beith, QLD (House)
12. Currumbin, QLD (House)
13. Bicheno, TAS (House)
14. Belgian Gardens, QLD (House)
15. Beechmont, QLD (House)
16. Gulmarrad, NSW (House)
17. Cooroibah, QLD (House)
18. Invermay Park, QLD (House)
19. Barney Point, QLD (Unit)
20. Bridport, TAS (House)

New sales methods emerging

According to Mr Gibbons, there is a range of digital sales methods available to sellers that can streamline the sales experience and help to achieve greater results.

Mr Gibbons said Openn has analysed five years worths of data and found that properties listed on the platform sold with a median of 22 days on the market.

“By allowing more buyers to participate and providing a more transparent experience, digital sales processes offer vendors a better opportunity to extract the best possible price from the market.

“Buyers want certainty the property is in demand before putting their best offers forward, and social proof is the fastest way to achieve that.”

Peter Gibbons, Openn Managing Director

The platform provides buyers with real-time updates on the level of buyer participation and the status of the negotiation.

“For sellers, they can see offers and bids as they come in and understand how the market is pricing their property from day one, giving them certainty the best result has been achieved.

While for agents, it creates a defined timeframe and speeds up the sale significantly as buyers know their competition is real and they must get involved quickly, or risk missing out,” Mr Gibbons concluded.

A suburb-by-suburb breakdown