One key factor that’s resulted in the current “seller’s market” across the majority of Australia is the low level of housing stock available for sale.
In the three months to May, CoreLogic estimates that around 164,000 dwelling transactions took place across Australia, while just 136,000 new properties were added to the market.
And as we all know, when demand outstrips supply, that naturally results in strong price increases.
Rest assured some suburbs still have plenty of supply. CoreLogic has crunched the numbers and identified 33 suburbs across the country with listing volumes higher than the five-year average in May.
Some of them are famously trendy too, such as Fortitude Valley in Brisbane (pictured), Randwick in Sydney, and South Yarra in Melbourne.
Better yet, all 33 suburbs below have experienced less dwelling value growth over the past 12 months than their local region:
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).
Sure, understanding market trends and identifying outliers can help give you an advantage, but if you’ve got your heart set on somewhere else, they’re not the be-all and end-all.
Everyone has different preferences, purchasing power, circumstances and dreams, all of which will influence their “top suburb” in this hot market.
So if you’ve been researching a suburb and have an eye on your next property, get in touch today. We’d love to help you arrange finance for it.
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