New report looks at Australian suburbs with the highest and lowest stock turnover
There is much speculation on what will happen to the property market in Australia in 2018 with housing prices in some states having said to have hit their peaks, while others being told they have much room for growth.
CoreLogic has released a report which sheds some light on the housing situation by looking at suburbs around Australia and how they compare when looking at property turnover over the last year. The report points out that housing turnover in Australia over the last 12 months stands at 4.8% which is a drop from 6.5% in 2009.
Cameron Kusher, a research analyst from CoreLogic who wrote the report found “lower turnover is likely attributable to several factors including high transactional costs such as stamp duty, the challenge for first home buyers in raising a sufficient deposit, as well as affordability constraints and disincentives for mature aged home owners to downsize."
In contrast, the suburbs with the highest turnover tend to be located around the outer fringes of capital city metro areas and have a high number of first home buyers entering the market, who have a plan to upgrade their home to accommodate for a growing family over time.
For a break down on the findings in each state, check out the full report from CoreLogic here.