Eight of the ten entries in the list are from NSW, while the other two are from Western Australia.
Over the last six months, properties within all the suburbs featured in the top 10 sold, on average, within 16 days of being listed on the market, a marked departure from the nationwide average of roughly 80 days.
Old Toongabbie, located six kilometres northwest of Parramatta and 29km west of Sydney’s CBD topped the list, with an average listing period of 12 days before a property was sold.
According to RP Data, 86.6 per cent of homes in Old Toongabbie were owner-occupied and the average sale price for a house in the suburb was $610,000, while the average house rental was $450 per week.
“Western Sydney and north western Sydney still represent some of the best value properties in the present market,” Alexander Katrakilis of Viridity Real Estate told Western Sydney Business Access.
“Of course, this is largely being driven by first home buyers, but there also seems to be a trend for Asian investors purchasing house and land packages throughout westernSydney.”
Mr Katrakilis said this is a significant departure from the saturated demand from Asian investors for inner city apartments that has characterised the market in recent years.
“That’s not the only source of demand in the west,” he said.
“I have had significant interest from property developers Australia-wide seeking suitable sites for medium density development and larger parcels of land for potential sub-division.”
Parklea, situated 40km northwest of the Sydney CBD, came in at fourth on the list with properties there sold after an average 13 days on the market.
Quakers Hill is ranked fifth, with properties there also averaging 13 days between listing and sale.
Coming in at eighth was Lalor Park, near Blacktown, where properties were sold after an average 14 days on the market.
Werrington Downs, near Penrith, was in ninth spot, with properties on the market for an 15 days before sale.
Sydney north shore suburbs, Willoughby (7th) and Lane Cove (10th) also made the list, as did West Gosford, ranked sixth. Two Western Australian suburbs – Coolbellup and Lynwood - also made the list, ranked 2nd and 3rd respectively.
