Not sure what’s happening in your patch? Aussie’s latest Buyers’ Opportunity Report reveals the top suburbs across Australia for buyers and sellers.
Buying a home is likely to be one of the biggest financial decisions you’ll ever make. And no matter whether you’re a first home buyer or a seasoned upgrader, you need to know what’s happening in your local market.
As we settle into 2021, the property market is certainly gathering pace. CoreLogic figures show that home prices nationally climbed 0.9% higher in January, taking values to new record highs. But what’s happening nationally may not paint a true picture of your local area.
That’s where Aussie’s new Buyers’ Opportunity Report comes in. The report reveals the top suburbs where buyers can have an advantage; locations where conditions favour sellers; and it provides median home values of each reported suburb.
The great news is, buying opportunities are out there for buyers who are ready and willing to purchase, with over a third of Australian suburbs with at least 6% of properties available for sale.
Here are just some of the key take-outs on today’s property market.
When you do your research, it’s important to buy property in the right suburb to suit your financial and lifestyle needs.
Aussie’s report lists the top 20 locations nationally where it’s still very much a buyers’ market. Topping the national leaderboard is Russell Island, south of Brisbane, where 19% of the suburb’s properties are listed for sale.
Further south in NSW, Chisholm in the fast-growing Maitland area, is considered a buyers’ market. Or, if you’re in Melbourne, Rockbank could be worth a look – with 15% of the suburb’s properties on the market.
If you’re thinking of upgrading or moving, you’ll want to know what suburb favour both buyers and sellers. And it turns out plenty of suburbs are experiencing a sellers’ market, meaning there is strong potential in these areas for you to sell your home quickly – and move onto your next dream home.
In Sydney for instance, St Johns Park in the city’s south-west, is a tightly held location, with only 1.4% of housing stock listed on the market.
Heading to Adelaide, the suburb of Croydon is considered a seller’s market, with just 1.4% of homes listed for sale.
As Aussie’s Buyers’ Opportunity Report points out, when your home is in a tightly held suburb, you can potentially enjoy faster selling times with less pressure to negotiate on price. Just the sort of must-know details when you’re listing your place for sale.
There are plenty of suburbs around the country where buyers can find a great deal, particularly outside of the capital city centres. CoreLogic says that over the last year values across the nation’s regions have climbed 7.9%, eclipsing capital city price growth of 1.7%.
The catch is, regional property markets can be hard to research – their big city cousins tend to dominate the media spotlight.
As Aussie’s Buyers’ Opportunity Report shows, regional locations dominate the top 20 buyers’ markets around Australia– great news if a tree change is on your wish list.
Despite this, regional locations dominate the top 20 buyers’ markets around Australia – great news if a tree change is on your wish list.
Knowing how hard to bargain on price can be the difference between scoring a value-packed home or missing out to another buyer. And according to Aussie’s report, homes are selling for a median price discount of 2.8% nationally.
Once again, big variations apply between locations. In regional South Australia for example, you could see a price discount of 4%. At the other end of the scale, buyers in the Australian Capital Territory are more likely to negotiate a discount of less than 2%.
And while there may be less negotiation with sellers; there’s potential savings with your home loan – so ask your Aussie Broker about how you can make your dream home more affordable in other ways such as a competitive interest rate or a cashback incentive.
Homes are selling at quicker rates across Australia and you need to be prepared to act fast to secure a property, organising your finances and pre-approval for a loan – and an Aussie Broker can help you be prepared.
Today’s record low interest rates are providing plenty of buying opportunities. Armed with a clear picture of those suburbs that favour buyers versus sellers, you’re well-placed to head into the market with the information you need to achieve your property goals.
Find out what the market looks like in your part of Australia by downloading Aussie’s Buyers’ Opportunity Report. It’s a bird’s eye view on the buying and selling conditions around the nation.