The suburbs where demand is the highest among buyers

Demand for housing is robust and residential costs are hitting new peaks consequently. In some suburbs, property listings are receiving near 100 enquiries from potential consumers.

In response to Proptrack’s October Residence Worth Index, costs grew by 0.36% month-on-month and 4.54% since October 2022.

This has primarily been pushed by mixed capital cities the place costs are 5.5% larger than a 12 months prior. Costs in regional areas have additionally grown however by a smaller diploma with costs 2.1% larger over the identical interval.

Sturdy demand from consumers is more likely to persist for a while as rental circumstances stay tight, sentiments round market efficiency enhance, and decisions of houses stay restricted in most states.

The place demand is the strongest

To get a way of the areas being impacted most by these market circumstances, we appeared on the suburbs with the biggest variety of key enquiries per itemizing.

Key enquiries embody highly-engaged actions resembling emailing, texting or calling an agent, revealing their cellphone quantity, downloading paperwork and submitting an inspection request.

High 10 suburbs with essentially the most key enquiries per itemizing – home

Supply: PropTrack. Key enquiries per itemizing embody e mail + cellphone reveal + doc obtain + sms agent + click on to name agent + submit inspection request per itemizing, 12 month ending Oct 2023, with minimal 20 listings.
Rank	Suburb	State	Area	Median	Key enquiries per itemizing
1	Holgate	NSW	Larger Sydney	$2,000,000	95
2	Chandler	QLD	Larger Brisbane	$3,058,000	93
3	Matcham	NSW	Larger Sydney	$2,280,000	90
4	Burbank	QLD	Larger Brisbane	$1,890,000	82
5	Forestdale	QLD	Larger Brisbane	$1,115,000	75
6	Fountaindale	NSW	Larger Sydney	$1,780,000	70
7	Kingsholme	QLD	Remainder of Qld	$2,003,000	69
8	Chiswick	NSW	Larger Sydney	$3,800,000	69
9	Cattai	NSW	Larger Sydney	$2,325,000	69
10	Kenthurst	NSW	Larger Sydney	$3,000,000	66

The vast majority of these suburbs had been in Sydney and Brisbane the place costs have risen by round 7.5% over the previous 12 months, reflecting the connection between costs and demand.

For homes, Holgate within the NSW central coast and Chandler in Brisbane’s south east topped the listing with 95 and 93 key enquiries per itemizing respectively.

Burbank and Forestdale in Brisbane’s south east and south had been additionally fashionable amongst consumers with respective properties amassing 82 and 75 enquiries per itemizing.

Homes in Matcham and Fountaindale in NSW had been in excessive demand as effectively.

High 10 suburbs with essentially the most key enquiries per itemizing – unit

Supply: PropTrack. Key enquiries per itemizing embody e mail + cellphone reveal + doc obtain + sms agent + click on to name agent + submit inspection request per itemizing, 12 month ending Oct 2023, with minimal 20 listings.
Rank	Suburb	State	Area	Median	Key enquiries per itemizing
1	Durack	QLD	Larger Brisbane	$418,000	58
2	Belrose	NSW	Larger Sydney	$728,000	52
3	Waterford	QLD	Larger Brisbane	$345,000	51
4	Graceville	QLD	Larger Brisbane	$530,000	44
5	Gymea Bay	NSW	Larger Sydney	$1,268,000	44
6	Springfield	QLD	Larger Brisbane	$480,000	42
7	Richlands	QLD	Larger Brisbane	$437,000	42
8	Browns Plains	QLD	Larger Brisbane	$390,000	42
9	Airlie Seaside	QLD	Remainder of Qld	$490,000	40
10	Doolandella	QLD	Larger Brisbane	$419,000	40

For items, Durack in south west Brisbane and Belrose in north west Sydney had been sought out most by consumers with 58 and 52 key enquiries per itemizing respectively.

There was sturdy demand for Graceville and Gymea Bay items too. On common, every listed property acquired 44 key enquiries per itemizing.

What’s driving demand?

Whereas rising rates of interest led to falling dwelling costs all through 2022, costs have reversed their losses and hit new peaks.

This may be attributed to some elements.

The rental market has turn out to be extraordinarily tight over the previous two years. Rents have surged as a result of sturdy competitors main many individuals to shift to the purchase market.

The shift in sentiment amongst consumers following latest positive aspects in dwelling values and a slowdown in rate of interest hikes has additionally pushed up demand for properties.

Though the variety of new listings has improved in latest months, housing inventory stays restricted. The delay within the development of latest houses is just including to those provide shortfalls.

This heightened degree of demand mixed with the tightness in provide is driving up the value of houses.

Belrose in North West Sydney was probably the most in-demand suburbs for items. Image: Getty

Regardless of the potential for renewed rates of interest hikes to decelerate the expansion available in the market, we anticipate costs to proceed their upward development because of these provide and demand dynamics.