Welcome to this week’s edition of The Property Edge, where we bring you the latest insights, trends, and opportunities in the Australian property market. From suburbs where house prices have skyrocketed by over 1 million in five years to the hidden gems where you can still buy a home with just a 50,000 deposit, we’ve got all the angles covered. Whether you’re a seasoned investor or a first-time buyer, our expert breakdowns will help you make informed decisions in today’s ever-changing market. Let’s dive in and explore the key areas and opportunities that could shape your next property move!

Rising Confidence in the Property Market: Why More Aussies Are Ready to Sell

In recent months, more property owners have expressed confidence in selling their homes, with a significant rise compared to last year. According to realestate.com.au’s latest Residential Audience Pulse survey, conducted in July, 44% of potential sellers now believe it’s an opportune time to sell, compared to 37% in 2023. This sentiment has been driven by strong price growth in key states such as Western Australia, South Australia, and Queensland.

Western Australia leads the charge, with over two-thirds of potential sellers feeling confident about selling, an 8% increase from last year. South Australia follows, where 63% of sellers are optimistic, while New South Wales saw a 13% rise in seller confidence, with 45% now believing it’s a good time to sell.

Victoria lags slightly, with only 29% of respondents thinking it’s a good time to sell, although this still represents a 55% improvement from last year. Nationally, personal circumstances such as downsizing, upsizing, and retirement were the main motivators for selling. However, in WA and South Australia, high prices and buyer demand were key factors, with Perth seeing a 13% increase in home prices.

Interestingly, many sellers are seeking a lifestyle change, with 19% wanting to move closer to nature, whether that’s the beach or the mountains. A smaller portion, 5%, are looking to move closer to the city, reflecting the ongoing trend of post-pandemic relocations to outer suburbs or regional areas.

Looking ahead, fewer sellers expect prices to continue rising, with more predicting price stability over the next six months. Additionally, concerns over interest rate hikes are increasing, leading to a shift in sentiment about future market conditions.

As we move into spring, listings have remained strong, suggesting that many sellers are looking to take advantage of the current market conditions before they potentially change.

Australian Property Market Faces Regional Declines Amid High Interest Rates and Buyer Caution

Recent data from CoreLogic reveals a mixed outlook for the Australian property market, with certain regions experiencing notable drops in property values due to rising interest rates, affordability issues, and cautious buyer behaviour.

In CoreLogic’s September Housing Chart Pack, nearly 30% of the 3,655 suburbs analysed in Australia saw a decline in property values over the three months to August 2024. Melbourne led the downturn, with 79.1% of its suburbs recording value falls, particularly in affluent areas like the Mornington Peninsula.

CoreLogic Economist Kaytlin Ezzy pointed out that while property values are still rising at the national level, the pace has slowed, and there are emerging signs of weakness, especially in Victoria where 79.1% of suburbs recorded value falls. The downturn was steepest in affluent regions like the Mornington Peninsula, where all suburbs saw declining values.

Growing Number of Suburbs with Declining Property Values in Major Australian Cities

The downturn is also evident in other Australian regions. Over half of the suburbs in Hobart (54.3%), Darwin (51.2%), and Canberra (51.6%) saw value drops, while Perth stood out as the only major city where all suburbs recorded value increases.

Looking ahead, as Australia enters the spring selling season, Ezzy anticipates further value declines, driven by an influx of new listings that could exert downward pressure on prices.

Despite these challenges, experts remain cautiously optimistic, with the possibility of market stabilisation depending on broader economic conditions, including inflation control and mortgage rates.

101 Australian Suburbs Where Homeowners Gained Over 1M in Five Years

A lucky group of homeowners in 101 suburbs across Australia have seen their property values skyrocket, with house prices rising by more than 1 million in just five years. According to PropTrack data, these suburbs, spread across New South Wales, Western Australia, Queensland, South Australia, and Victoria, have experienced significant financial gains from August 2019 to August 2024.

Most of these million-dollar price hikes occurred in capital cities, with Sydney claiming 86 of the 101 suburbs. Only seven regional suburbs made the cut, including Byron Bay in NSW, several on the Sunshine Coast, and key spots on the Gold Coast.

PropTrack Senior Economist Eleanor Creagh noted that Sydney’s dominance on the list was unsurprising given its reputation as Australia’s most expensive city. Bellevue Hill, an exclusive suburb in Sydney’s eastern suburbs, topped the list with a staggering 4 million increase in its median house price, now sitting at 9.75 million.

Top 30 Suburbs with the Biggest Five-Year Price Gains:

Sydney suburbs led the charge, with exclusive areas like Vaucluse, North Bondi, Bronte, and Mosman also posting gains of over 2 million. Real estate agent Ashley Bierman from Ray White Double Bay highlighted Bellevue Hill as the crown jewel of Sydney’s eastern suburbs, attracting high-end buyers due to its proximity to Bondi Beach, prestigious schools, and the central business district.

Meanwhile, Queensland featured eight suburbs where house prices surged by more than 1 million, led by Brisbane’s New Farm, where the median house price increased by 1.38 million. Known for its lifestyle appeal and proximity to the Brisbane CBD, New Farm has become a sought-after area for both local and interstate buyers.

As Australian property markets continue to evolve, these impressive gains highlight the long-term financial benefits of holding property in key suburbs, particularly in Sydney, where high demand and limited supply keep values strong.

Hidden Gem Suburbs Where You Can Still Buy a Home with a 50K Deposit

Despite rising house prices, there are still plenty of suburbs across Australia where first-time buyers can enter the property market with a deposit of 50,000 or less. New research from Canstar and Hotspotting highlights affordable areas in Sydney, Melbourne, Brisbane, Adelaide, and Hobart that are close to major cities, offer good transport links, and have appealing amenities.

Sydney: Affordable Suburbs in the Southwest and West

While Sydney is known as one of the most expensive cities in the world for real estate, some suburbs in the west and southwest remain accessible. Suburbs like Liverpool, Wiley Park, Jamisontown, Regents Park, and Harris Park all have median house prices under 500,000, allowing first-home buyers to take advantage of government schemes such as full stamp duty exemptions.

Melbourne: Affordable Homes and Units

In Melbourne, Melton South, located 53km from the CBD, offers houses at a median price of 489,000. Additionally, closer-in suburbs such as Parkville and Brunswick West have units available for under 500,000, providing affordable entry points for buyers who don’t mind opting for apartments over houses.

Brisbane: Inner-City Units and Budget Houses

Brisbane offers a wide range of affordable options, with units in Bowen Hills, Woodridge, and Kippa-Ring, as well as houses in East Ipswich and Brendale, all within reach for buyers with a 50,000 deposit. In regional Queensland, Depot Hill in Rockhampton has a median price of 225,500, while Petrie in Moreton Bay has a median of 768,000.

Adelaide: Northern Suburbs for Budget Buyers

For those looking to buy in Adelaide, the northern suburbs offer the best options. Evanston, located 40km from the CBD, has a median house price of 480,000. Cheaper alternatives include Elizabeth South (450,000), Smithfield Plains(456,000), and units in Mawson Lakes (438,000) and Plympton (418,000).

Hobart: Affordable Homes Close to the City

In Hobart, buyers can find affordable homes within a short drive of the city. Clarendon Vale has a median house price of 390,000, while Risdon Vale sits at 460,000. Units in Glenorchy, Moonah, and Warrane range from 426,500 to 499,500, offering great value within 17.5km of Hobart’s CBD.

These suburbs not only offer affordable entry points for first-home buyers but also provide a good lifestyle with improving infrastructure and proximity to key amenities. As house prices continue to rise in many areas, these hidden gems present an opportunity for those looking to enter the property market without breaking the bank.

That’s all for this edition of The Property Edge. We hope the information has given you a clearer picture of the current market landscape and the opportunities available, from million-dollar growth suburbs to more affordable neighbourhoods. Whether you’re planning your next investment or searching for the perfect first home, staying informed is the key to success. Be sure to join us next week for more updates, tips, and expert advice to keep you ahead in your property journey. Until then, happy hunting!

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