Australian Suburbs Where Houses Are Set To Hit The Market
New research shows the metropolitan suburbs across major capital cities such as Sydney, Melbourne and Brisbane where houses are most likely to hit the market in the coming months.
Sydney's Paddington, Melbourne's Pakenham and Brisbane's Springfield Lakes are some of the suburbs the analysis, from Westpac and Insight Data Solutions, say sellers are most likely to list.
The analysis, which measures the likelihood of a property listing for sale, was used to find the top 10 suburbs for house listings in Australia’s major markets.
Across the country, Adelaide’s Seacombe Gardens, Perth suburb Claremont on the north bank of the Swan river, Hobart’s Risdon Vale, Bonner located 13 kilometres from Canberra CBD, and Darwin suburb of Winnellie top the charts.
“It’s helpful to know where these potential pockets of supply could come from,” Westpac’s Will Ranken said.
Whether that be oversupply in these areas or buyer opportunity, the property data, which comes from government information such as the Valuers General, data partners and ABS data, says the “Likelihood to List” model has an accuracy over 95 per cent across every Australian capital city.
The top 10 suburbs where houses are most likely to list in the next six months*
SYDNEY - Paddington, Glenmore Park, Dover Heights, Ruse, Balgowlah, Avalon Beach, Balgowlah Heights, Leumeah, Warriewood & West Pymble
MELBOURNE – Pakenham, Burnside, Caroline Springs, Cranbourne, Taylors Hill, Beaconsfield, Officer, South Morang, Frankston North and Roxburgh Park
BRISBANE – Springfield Lakes, Mount Cotton, Heathwood, Kallangur, Goodna, North Lakes, Strathpine, Augustine Heights, Brendale and Bellbird Park
ADELAIDE – Seacombe Gardens, Springfield, Dover Gardens, Glen Osmond, Beaumont, Gepps Cross, Oaklands Park, Fitzroy, Medindie and Ascot Park
PERTH – Claremont, North Coogee, City Beach, Iluka, Floreat, Swanbourne, Peppermint Grove, Mount Claremont, Mosman Park and Cottesloe
HOBART – Risdon Vale, Clarendon Vale, Rokeby, Tolmans Hill, Oakdowns, Chigwell, Mount Nelson, Lenah Valley, South Hobart, Mount Stuart
DARWIN – Winnellie, Bayview, Larrakeyah, Coconut Grove, Parap, Stuart Park, Anula, Tiwi, Muirhead and Lyons
CANBERRA – Bonner, Casey, Forde, Crace, MacGregor, Harrison, Dunlop, Narrabundah, Franklin and Charnwood
*of the data observation date of 31 July 2019
The analysis comes amid transition in the property market.
The Reserve Bank of Australia indicated its concern that the lower interest rate environment could spur a rise in housing prices, as revealed in its minutes this week of its 1 October board meeting.
Marking its third rate cut this year, the RBA lowered the official cash rate to the new low of 0.75 per cent in a bid to encourage economic growth and employment levels.
Australia’s big four banks now all offer home loan interest rates below 3 per cent since the central bank’s announcement. Westpac was the last of the big four, this week to join the pack.
The latest Corelogic figures show the number of new listings being added to the combined capital city housing market has seen a 44 per cent rise since the slowdown of July's winter period.
Lawless said the rise in listings is still much lower than previous years, new stock levels are down across every capital city, with the largest fall recorded in Darwin.
“The number of new capital city listings over the past twenty eight days are tracking at the lowest level for this time of the year since Corelogic started measuring real estate listings in 2007,” Lawless said.
Westpac's home ownership report indicates that around 2.1 million (17 per cent) Australian home owners are considering selling in the next five years.
It also found that younger generations are vying to get into the market, with 53 per cent of Gen Z and 31 per cent of millennials prioritising buying a home in the next five years.
Source: theurbandeveloper.com
