Topping the list was a small Tasmanian suburb - Goodwood, just north of Hobart - with the average property taking eight days to sell.

Property in Sydney, Melbourne, and Sunshine Coast suburbs also went quickly, taking an average of 10 days to sell. 

Dr Nicola Powell, Domain's chief of research and economics, said for buyers in the current hot property market, it's often a 'race against the clock' to get an offer in and accepted.

"[Our report] found the time it took to sell a house was the quickest it had been since 2008," Dr Powell said.

"Ultra-low home loan rates, government stimulus, rebounding economic conditions, returning expats and improved household savings became the perfect combination of factors for extraordinary price growth and activity in 2021."

Dr Powell said that suburbs that were often in demand were smaller or very tightly-held.

"If they have a very low turnover of stock, often when something does come up, the buyers are ready to action. Suburbs where property is selling within a few days – they are the buyers that were ready yesterday," she said.

Top 30 speediest suburbs to sell in 2021

Domain collected the top 30 suburbs with the fewest days on the market - for houses and units combined - from January to November of 2021.

Rank Suburb Average days on market
1 Goodwood, TAS 8
2 Killarney Heights, NSW 10
3 Diamond Valley, QLD 10
4 Sassafras, VIC 10
5 The Patch, VIC 10
6 Alfords Point, NSW 11
7 Ferny Hills, QLD 11
8 Regency Park, SA 11
9 Millgrove, VIC 11
10 Chifley, NSW 12
11 Dean Park, NSW 12
12 Mount Saint Thomas, NSW 13
13

Narellan, NSW

 13
14 Rankin Park, NSW 13
15 Westleigh, NSW 13
16 Highvale, QLD 13
17 Keperra, QLD 13
18 North Hobart, TAS 13
19 Belgrave Heights, VIC 13
20 Holder, ACT 14
21 Koonawarra, NSW 14
22 Chigwell, TAS 14
23 Macquarie Hills, NSW 15
24 North Balgowlah, NSW 15
25 Raby, NSW 15
26 Windale, NSW 15
27 Margate, TAS 15
28 Oakdowns, TAS 15
29 Risdon Vale, TAS 15
30 Seven Mile Beach, TAS 15

Source: Domain

Why are properties selling so fast?

From this list, the shortest time on the market was eight days, but the longest was only 15.

Martin Evans, real estate agent at 4one4 Property, said property sales in Goodwood became 'frenetic' after buyers discovered how affordable it was compared to neighbouring suburbs.

"For a long time, Goodwood was a bridesmaid suburb of Moonah," Mr Evans said.

"But as prices boomed this year, buyers had to do some lateral thinking and look outside of Moonah to areas where prices were still affordable – and they landed on Goodwood."

In Brisbane - where the median house price hit a record-high of $722,455 in the September quarter according to Domain - the fastest-selling suburb was Ferny Hills.

Drew Crump, real estate sales person at Harcourts Solutions, said this came down to its popularity with families.

"Days on market have dropped drastically over the past year, there’s no doubt about that, and the demand is coming from buyers who recognise how lovely Ferny Hills is as a place to bring up your family," Mr Crump said.

"We could sell everything in the same day we listed if we wanted to — that’s where demand is — but we stick to our process and we’ve slowed it down a bit to let as many people as possible see the property.

"We’re selling usually in that seven to 10-day timeframe."

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