Castle Cove has been named the fastest-selling suburb in New South Wales, confirming its standing as a red hot area to buy and sell in a softer market.
An analysis by RiskWise Property Research found Castle Cove houses had sold after just eight days on the market on average in the past 12 months, compared to an average of 35 days for the north shore in general.
The suburb is also the 10th fastest selling Australia suburb. It is only one from NSW to make the cut.
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Tasmanian suburbs occupied eight of the 10 places, with Lutana in Hobart taking top spot with an average of six days on the market.
Western Australia was the only other state besides NSW and Tasmania to make the top 10, with Shenton Park sliding into sixth place.
RiskWise CEO Doron Peleg said suburbs in the top 10 all had something special such as a good location, close to schools and transport, or offered a great lifestyle.
According to CoreLogic data, Castle Cove has also been one of the top performing suburbs on the north shore, recording a 4.6 per cent increase in its median sale price in the past 12 months to $2.625 million. This is compared to Greater Sydney which saw a 7.6 per cent fall in the same period.
Ireson First National — Castle Cove principal Craig Ireson said it is little surprise the suburb is only one from NSW to make the cut.
“Homes really do sell quicker in Castle Cove compared to surrounding suburbs,” he said.
Limited supply of property in the suburb is one reason Mr Ireson believes homes sell so quick.
“Buyers jump on them as soon as they hit the market,” he told the Times.
Located on the Middle Harbour foreshore, Castle Cove also offers easy access to the city and Chatswood.
Mr Ireson said despite its location, Castle Cove is relatively unknown to non-local buyers.
“It is a hidden gem, but when people do discover Castle Cove they fall in love with it,” he said.
Mr Ireson said the suburb also represents better value than some of the surrounding districts.
The local real estate is currently selling Asha Oberoi and Daniel Bower’s renovated Deepwater Rd property that is on the market for private treaty.
Ms Oberoi, who has lived in the area for the past several years, said Castle Cove is an amazing place with a tight-knit community.
“We love the area, so thankfully we are moving only a few streets away,” she said. “You don’t know many people who want to move out of Castle Cove, but there are a lot who want to move in.”
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