There are still 33 suburbs where buyers have the upper hand over sellers.
While the majority of Australia is currently in a seller's market, there are still a few dozen suburbs across the country with more property supply available than in past years. Today, we'll look at which 33 suburbs still have lots of choices for homebuyers.
The limited volume of housing stock available for sale is one crucial element that has resulted in the current “seller’s market” across most of Australia.
CoreLogic estimates that about 164,000 housing transactions occurred in Australia in the three months leading up to May, whereas only 136,000 new properties were added to the market.
And, as we all know, when demand exceeds supply, big price hikes are unavoidable.
So, where might home buyers find a wider range of housing options?
Rest assured, there is still enough of supplies in certain suburbs. CoreLogic crunched the figures and discovered 33 communities throughout the country that had higher listing volumes in May than the five-year average.
Some of them are well-known for being trendy, such as Brisbane’s Fortitude Valley (shown), Sydney’s Randwick, and Melbourne’s South Yarra.
Even better, each of the 33 suburbs listed below has had less growth in home values over the past 12 months than the surrounding area:
NSW: Macquarie Park (44 listings higher than 5-year May average), Lidcombe (33), Rockdale (30), Randwick (29), Westmead (25).
Victoria: Melbourne (140 listings higher than 5-year May average), South Yarra (73), Hawthorn (60), Carnegie (56), Port Melbourne (53).
Queensland: Fortitude Valley (15 listings higher than 5-year May average), Bowen Hills (10), Mulambin (8), South Townsville (7), Park Avenue (7).
WA: Nickol (10 listings higher than 5-year May average), Nedlands (9), Crawley (8), Baynton (6), Inglewood (5).
SA: Para Hills West (5 listings higher than 5-year May average), Bowden (4), Kilburn (4), Bedford Park (4), Everard Park (4).
ACT: Phillip (14 listings higher than 5-year May average), Latham (3), Dickson (3), Richardson (2), Higgins (2).
Tasmania: Hobart (4 listings higher than 5-year May average).
NT: The Gap (2 listings higher than 5-year May average), Wanguri (1).
Where would you like to make a purchase?
Understanding market patterns and spotting outliers can help you gain an advantage, but they’re not the be-all and end-all if you have your heart set on something else.
Everyone’s preferences, spending power, circumstances, and dreams are unique, and each will have an impact on their “top suburb” in this hot market.
So, if you’ve been looking into a suburb and have your eye on a home, give us a call immediately. We’d be delighted to assist you in obtaining financing for it.
To learn more, contact Premium Finance Group Australia at (07) 4720 8888 or email us at email@example.com
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