Australia really does seem to be a seller’s market right now, and if you’re looking to buy you might be feeling hopeless, but don’t give up just yet! There are still a few dozen suburbs around the country where there’s more housing stock available than in previous years.
The key factor that has contributed to the current “seller’s market” is the lack of supply of housing for a seemingly large demand.
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.
Where exactly do home buyers have more housing stock to choose from?
As mentioned, there are some suburbs that still have plenty of supply. CoreLogic has crunched the numbers and identified 33 suburbs across the country with listing volumes higher than their five-year average in May.
Some of them are famously trendy too, such as Fortitude Valley in Brisbane, 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).
Where would you like to buy?
While understanding market trends and identifying outliers can help give you an advantage, they don’t have to mean that you have to give up living in the area that you have your heart set on. Make sure you are still asking yourself what you truly want.
Everyone has different preferences, purchasing power, circumstances and dreams, all of which will influence their “top suburb” in this hot market. Although we have listed some great options that remain in a buyer’s market, it doesn’t mean they are the only options for you.
If you’ve been researching a suburb and have an eye on your next property, we can assist in developing your understanding of your purchasing power and what loan will work bet for you.