Following months of drought, which has starved buyers for choice, Aussies are finally thinking about selling their homes as confidence in the market rises.
Buyers and agents alike have been starved for choice for months, but home owners are now returning to the market, with Westpac revealing as many as four in 10 are planning to list in the next five years.
According to the bank’s latest research, the suburbs most likely to put a house on the market across the nations’ capital cities include Sydney’s Avalon Beach, Melbourne’s Pakenham, Brisbane’s North Lakes, Adelaide’s Warradale and Perth’s Mosman Park.
Featured among the top suburbs likely to yield swelling unit sales are Sydney’s St Ives, Melbourne’s Kilsyth, Brisbane’s Banyo, Adelaide’s Mawson Lakes and Perth’s Hamilton Hill.
Westpac’s managing director of mortgages, Anthony Hughes, explained that the findings signal promising news for buyers as property demand continues to surge.
“Our research shows that while buying intentions have tapered slightly, demand still remains stronger than it did prior to the pandemic, reinforcing that the great Aussie dream of owning a home continues to remain a priority,” said Mr Hughes.
As for what’s driving the sellers, confidence in getting a good return on their home is said to play a big part, as well as an increasing desire to live in a new area.
“Properties further from the city boasting backyards and a more relaxed lifestyle remain top of mind for buyers, and for the first time, more home owners are telling us increased infrastructure and amenities in their desired area is also motivating them to sell, with public transport, local shops and parks ranking as the most desirable suburban features,” said Mr Hughes.
Interestingly, Westpac also found that while 26 per cent of prospective sellers want a smaller property, three in five first home buyers are looking for a property with at least three bedrooms. In fact, seven in 10 (71 per cent) first home buyers are seeking a house or townhouse.
But while houses remain most in demand, units and apartments still remain a popular option, with Westpac noting this trend is particularly true among younger buyers who are more likely to seek the convenience and access to local cafes, restaurants and bars.
Top areas likely to list in the next six months:
Houses: Avalon Beach; Newport; Mona Vale; Warriewood; Palm Beach; The Ponds; St Ives; Paddington; Rozelle; and Milperra
Units: St Ives; Avalon Beach; Dee Why; Mt Colah; Palm Beach; Newport; Wentworth Point; Silverwater; Brookvale; and Collaroy.
Houses: Pakenham; Beaconsfield; Officer; Lynbrook/Lyndhurst; Cranbourne; Frankston North; Berwick; Carrum Downs; Williams Landing; and Narre Warren.
Units: Kilsyth; Mooroolbark; Brunswick East; Bentleigh; Altona North; Carrum Downs; Braybrook; Boronia; Rowville; and Hampton Park.
Houses: Warradale; Mawson Lakes; Seacombe Gardens; Davoren Park / Elizabeth; O’Sullivan Beach; Mitchell Park/Morphettville; Brighton; Plympton; Novar Gardens; and, Kurralta Park.
Units: Mawson Lakes; Glenelg; Torrens Park/Kingswood; Port Adelaide; Croydon; Largs Bay; Seaton; Somerton Park; Brompton; and Brighton.
Houses: North Lakes; Kooringal; Wakerley; Eatons Hill; Berrinba; Redland Bay; Murarrie; Clontarf/Margate; Thornlands; and Bundamba.
Units: Banyo; Mackenzie/Burbank; Northgate; Goodna/Springfield; Rochedale; Keperra; Redcliffe/Scarborough; Redland Bay; Bulimba; and Carina/Carindale.
Houses: Mosman Park; City Beach; Kinross/Currambine; Claremont; Nedlands; Floreat/Wembley; Cottesloe; Byford; East Fremantle; and Beaconsfield.
Units: Hamilton Hill/Spearwood; Palmyra; Scarborough; Victoria Park; Beaconsfield; Fremantle; North Fremantle; Melville/Attadale; Belmont; and Booragoo.