Upper Sturt, Adelaide, Kangaroo Ground, Melbourne worst suburbs to buy a house in Australia

Australia’s most in-demand suburbs for buyers have been revealed as the market continues to lag across the board.

The insight comes as part of PropTrack’s latest numbers, which show where homes have as many as 500 potential buyers vying for each property.

Figures from the real estate appraiser showed demand has surged in some suburbs as sellers across the country are hesitant to put homes on the market.

The most in-demand suburbs nationwide for homes are Upper Sturt in Adelaide with 536 potential buyers per ad, Kangaroo Ground in Melbourne with 484 potential buyers and Medindie in Adelaide with 477 potential buyers per ad.

Others in the top 10 included Gruyere (376) and Belgrave South (363) in the Melbourne suburbs, Chandler (351) in Brisbane along with Mylor (333) and Summerdown (328) in Adelaide.

The top three most in-demand suburbs nationally for homes are Upper Sturt in Adelaide with 536 potential buyers per ad, Kangaroo Ground in Melbourne with 484 potential buyers and Medindie in Adelaide with 477 potential buyers per ad

By comparison, the median number of potential buyers per ad nationally is 66 for houses and 48 for units.

PropTrack economist Anne Flaherty said the suburbs’ location and their stable prices make each an attractive option for buyers.

‘First of all, these suburbs are very attractive locations in their own right. The second part has to do with that supply and demand piece,” she said.

“So in areas where we see a limited supply of homes for sale and because it’s an attractive suburb, we see a very high number of potential buyers per ad.”

However, Ms Flaherty said not all Australian suburbs had such high demand, despite an overall drop in available property.

“What was interesting, if we look at the market as a whole, demand is clearly down from the peaks at the same time last year,” she said.

“That being said, the total number of properties for sale has also decreased in most locations.”

‘Another factor has to do with affordability. So, you know, we’ve seen real estate prices fall from their peaks, but they’re nowhere near the level where interest rates have impacted how much people can borrow.

“First home buyers have been hit very hard by this set of conditions because they still have to, you know, generate a much larger down payment, but at the same time their borrowing capacity has been reduced – that leads to more buyer groups in some cases. areas too.’

According to data from PropTrack, the total number of homes for sale in Sydney has fallen by nearly 20 percent over the overall average over the past five years.

The total number of properties for sale in Sydney has fallen by almost 20 per cent, while property prices in Melbourne have fallen by 5.99 per cent over the past 12 months

In Melbourne, prices are down 5.99 percent over the past 12 months and remain 6.09 percent below their peak in March 2022.

A similar story is evident in the market in Brisbane, with prices 3.49% below their peak in April 2022, while prices in Perth are now just 0.24% below their peak.

House prices in Hobart fell 0.29 percent in February and are now 4.09 percent below their peak in April 2022.

Adelaide, the best-performing capital city market of the past year, saw house prices rise to a new peak, rising a further 0.44 percent in February.