This spring, Australia’s property market is seeing a noticeable uptick in activity as both first-home buyers and investors enter the market in greater numbers. PropTrack’s latest data reveals heightened interest, with significant enquiries in high-demand suburbs. This trend reflects a rising confidence among Australians that now may be the ideal time to buy.
A recent report from the Australian Bureau of Statistics (ABS) underlines this optimism, noting a 30% increase in year-over-year home loan commitments from investors as of September. Meanwhile, first-home buyers are also on the move, with a 2% rise in loan commitments, signaling that many see current market conditions as favorable. PropTrack’s senior economist Karen Dellow highlights that both affordability and location are the driving factors shaping these decisions.
Suburban Hotspots for First-Home Buyers
Affordability continues to guide first-home buyers toward suburban areas with median prices under $1 million. PropTrack data shows Melbourne’s western suburb of Tarneit, with a median house price of $650,000, leading the way in buyer enquiries. Other Melbourne locations, including Point Cook, Truganina, and Hoppers Crossing, are also seeing substantial interest. In Sydney, the more affordable suburb of Marsden Park is attracting first-home buyers, while Queensland’s Greenbank stands out as a popular choice.
For buyers interested in units, the focus shifts to Sydney, where 80% of top suburbs for unit buyers are located. Suburbs such as Parramatta, Ryde, and Campsie draw interest with city access and government incentives, making them attractive alternatives to traditional housing. In Melbourne, Southbank and the CBD are popular among those looking for proximity to city life and more affordable property options.
Investment Opportunities in Affordable Areas
Investors, like first-home buyers, are showing a strong preference for affordable areas. Battery Hill on the Sunshine Coast, with a median price of $965,000, is one of the top choices among investors. Inner-city units in both Melbourne and Sydney are also favored due to their high rental demand and low maintenance requirements. Hotspots such as Sydney’s CBD and Melbourne’s CBD offer strong rental potential, making them appealing to investors focused on securing a steady rental income.
Balancing Affordability and Demand
As prices in the housing market remain high, affordability remains a priority. Buyers seeking space and future growth tend to look to outer suburbs, while those prioritizing city access gravitate toward units. This trend highlights how both affordability and location are shaping choices in the current market, with suburbs experiencing increased demand as the spring season progresses.
This uptick in activity makes it a promising time for buyers and investors alike. ASK Financials is here to support your journey, providing guidance tailored to your financial goals and property aspirations.
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