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 1. News
 2. Australian Housing Market


AUSTRALIA'S MOST SOUGHT-AFTER SUBURBS: WHERE BUYER DEMAND HAS GONE THROUGH THE
ROOF

Daniel Butkovich, Property Journalist

Updated 15 Nov 2023, 11:34am

First published 15 Nov 2023, 9:08am

New data has revealed the suburbs where demand has shot up over the past year,
with buyers seeking out both desirable pockets where few homes come up for sale,
and suburbs offering relative affordability.

Analysis of PropTrack data has shown demand has surged in many suburbs, despite
high interest rates and rising property prices making it more challenging to buy
a home.

Use the interactive below to see how in-demand your suburb is.



Measuring key enquiries per listing on realestate.com.au – which combines
high-intent actions such as emailing an enquiry, calling the agent or
downloading documents – can reveal how in-demand a suburb is with buyers.

PropTrack senior economist Paul Ryan said tracking enquiries can show the level
of demand from buyers at the later stages of their property purchasing journey,
who are more likely to enquire about properties for sale.

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Will the market rebound continue into 2024?

02:02


“We think of it as a leading indicator of market activity, and higher demand in
general we know is associated with higher prices,” he said.

“It tends to be serious buyers, so it's a good indication of how much
competition there is for property.”

A number of factors have fuelled demand for property this year, including rapid
population growth amid a slowdown in new home construction, as well as a tight
rental market, which Mr Ryan said had pushed some people towards purchasing
property.

“Housing costs are going up, but for some it makes sense to jump into home
ownership,” he said.

A shortage of properties for sale earlier in the year had focused buyer demand
on the available properties, Mr Ryan said, which has been a key factor driving
price growth in many markets.

But rising listing volumes during spring were helping to moderate demand, easing
conditions a little for buyers.

“We have seen price growth slow a little bit, and auction clearance rates
decline a little. Both have continued to be solid, but slower than towards the
middle of the year.”

“That's consistent with more supply coming on the market and a bit more balance
to demand and supply.”


THE SUBURBS WHERE BUYER DEMAND IS HIGHEST

Suburbs of Sydney and Brisbane dominated the list of the most in-demand suburbs,
which Mr Ryan said reflected the correlation between prices and demand.

“Both cities have seen prices increase by more than 7% this year so far,” he
said.



The data shows that buyers are seeking space and affordability, with high demand
in suburbs at the fringes of cities offering large properties, entry-level price
points, or both.

The suburb with the most enquiries per listing is Holgate on the NSW Central
Coast. There are only 313 homes in Holgate, according to the last census, most
of which are large homes set on big blocks surrounded by bushland, and only
eight were listed for sale on realestate.com.au at the time of publication.

Enquiry data shows suburbs with expansive leafy properties are in high demand.
Holgate on the NSW Central Coast had 95 enquiries per listing – more than any
other Australian suburb. This six-bedroom Holgate home on five acres of land is
on the market now. Picture: realestate.com.au/buy

--------------------------------------------------------------------------------

Adrienn Stenner of Prestige Properties said buyers were drawn to the space,
privacy and convenience offered by properties in Holgate, which is minutes from
shops, schools and beaches, as well as neighbouring Matcham and Wamberal, which
also ranked highly for enquiries per listing.



“I get a lot of beachside people and young families moving to acreages,” she
said. “I also get quite a few coming off big farms to five acre lots, downsizing
but still wanting a rural property for the space and privacy.”

Demand from buyers was consistently strong, Ms Stenner said, especially
considering few properties came on the market each year and most buyers stayed
for decades.

“I’ve got five on the market, and the owners have all been there for more than
15 years,” she said. “One has been there for 40 years, another for 30 years.
They’re very tightly held.”

There were more enquiries per listing in Packenham Upper than any other
Victorian suburb. This five acre Packenham Upper property is on the market for
$1.4 to $1.54 million. Picture: realestate.com.au/buy

--------------------------------------------------------------------------------

Chandler, in Brisbane’s southeast, has the second-highest enquiries per listing
in Australia. The suburb is less than half an hour from the Brisbane CBD, yet
offers large homes on acreages, which Storia Estate Groups director Joseph Lordi
said was the key drawcard for buyers.

"You can get a 2.5 acre block, a nice big property, but you’ve still got easy
access to the city and the bays as well," he said.

Brisbane buyers are seeking big properties with good access to amenities, data
shows. This sprawling five-bedroom Chandler house on acres features a large
swimming pool and a tennis court. Picture: realestate.com.au/buy

--------------------------------------------------------------------------------

In Brisbane, leafy and spacious suburbs in the south, such as Burbank,
Forestdale and Kingsholme topped the list for enquiries per listing.

“Space is more in-demand than ever,” Mr Lordi said. “A lot of people are working
from home a couple of days a week and don't need to be as close to the city any
more, so they're looking for that lifestyle property.”


DEMAND SURGES IN AFFORDABLE SUBURBS

High numbers of enquiries in suburbs further from city centres reflected not
only the desire for more space amid changed working trends, but also worsening
affordability as interest rates and property prices rose, Mr Ryan said.

“Affordability has been very stretched by higher interest rates, so people are
altering what they’re looking for and searching for properties a little further
out," he said.

Affordably-priced homes on Melbourne's fringes, like this four-bedroom
Craigieburn house, receive dozens of enquiries, according to the latest data.
Picture: realestate.com.au/buy

--------------------------------------------------------------------------------

In Melbourne, all of the top 50 suburbs with the most enquiries per listing were
towards the city’s fringe, except Toorak, which is the priciest suburb in the
city. Most had a median house price of less than the city-wide median of
$924,000.

Pakenham Upper, Belgrave and Selby in the outer east had the most enquiries per
listing, consistent with the trend towards large, leafy properties seen in other
cities, but more affordable suburbs like Craigieburn, Coolaroo and Meadow
Heights had similar levels of demand.



The trend towards affordable suburbs is even clearer when looking at the suburbs
where demand has increased the most over the past year.

In Sydney, many suburbs offering relative affordability had big increases in
enquiries per listing, including Yennora, Eastlakes and Bardwell Valley, where
houses are cheaper than in surrounding suburbs.


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Enquiries jumped in Eastlakes, where homes are a little less expensive than
neighbouring Rosebery, Pagewood and Kingsford. This two-bedroom house sold for
$1.54 million in June. Picture: realestate.com.au/sold

--------------------------------------------------------------------------------

Demand for units in Holroyd, Greystanes and Pendle Hill surged over the past
year, with these suburbs offering affordable apartments, villas and townhouses
with good transport connectivity close to the Parramatta CBD.

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Enquiries jumped in suburbs in Perth's southeast, including Kelmscott and
Canning Vale for units, and Armadale and Camillo for houses.

Most Melbourne suburbs where enquiries per listing for units increased the most,
such as Campbellfield, Beaconsfield and Travancore, had median sale prices that
were lower than the city-wide median of $626,000, the data shows.

Demand for units jumped 67% in Travancore, where prices are typically more
affordable. This two-bedroom Travancore apartment is advertised for $620,000 to
$680,000. Picture: realestate.com.au/buy

--------------------------------------------------------------------------------

Mr Ryan said higher interest rates had prompted buyers to broaden their search
grid to lesser known suburbs where homes were a little cheaper.

"A lot of people are spreading out where they would traditionally look for homes
given the challenging affordability conditions," he said.


BUYERS SEEK OUT HIDDEN GEMS IN EXCLUSIVE POCKETS

It’s not just suburbs with spacious homes or affordable prices that are drawing
the most buyers. Demand is also high for homes in exclusive enclaves where homes
sell for a premium, the data shows.

Homes in many of Sydney's most sought-after suburbs often feature spectacular
water views, like this waterfront Yowie Bay home. Picture: realestate.com.au/buy

--------------------------------------------------------------------------------

In Sydney, homes attract scores of enquiries in the waterfront suburbs of
Chiswick, Wareemba and Tennyson Point on the Parramatta River, as well as
Woronora, Yowie Bay, Sandringham in the south.

Tightly-held suburbs like Chiswick — where enquiries have more than doubled in
the past year — were less known than surrounding suburbs, according to local
real estate agent Joseph Tropiano of Stone Real Estate, but had become more
popular with buyers drawn to the lifestyle, convenience and diversity of housing
options.

Enquiries per listing surged more in Chiswick than in any other Sydney suburb.
This five-bedroom Chiswick home recently sold for almost $5.1 million. Picture:
realestate.com.au/sold

--------------------------------------------------------------------------------

"It’s an area that’s secluded yet still has great access to the city and the
lower north shore," he said. "House availability is rare as people don’t really
move much."

Premium suburbs like Longueville, Gordon and Pymble in Sydney's north, Vaucluse,
Rose Bay and Double Bay in the east and Connells Point and Kangaroo Point in the
south all had high numbers of enquiries per listing.

Homes in Pymble, like this 1378sqm property, typically had 48 enquiries per
listing, more than double the national average of 19. This Picture:
realestate.com.au

--------------------------------------------------------------------------------

High levels of demand in pricey suburbs over the past year was correlated with
price growth, Mr Ryan said, with the top end of the market leading the recovery.

St Kilda had the biggest increase in enquiries per listing in Victoria for
houses. This four-bedroom St Kilda house is going to auction in early December.
Picture: realestate.com.au/buy

--------------------------------------------------------------------------------

"High priced parts of the country have performed very well, which is in stark
contrast to 2022 when we saw higher priced regions leading price falls," he
said.

"There has been a big rebound in a lot of these markets and these demand stats
show that as well."

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