New research shows the metropolitan suburbs across major capital cities such as Sydney, Melbourne and Brisbane where houses are most likely to hit the market in the coming months.
Sydney's Paddington, Melbourne's Pakenham and Brisbane's Springfield Lakes are some of the suburbs the analysis, from Westpac and Insight Data Solutions, say sellers are most likely to list.
The analysis, which measures the likelihood of a property listing for sale, was used to find the top 10 suburbs for house listings in Australia’s major markets.
Across the country, Adelaide’s Seacombe Gardens, Perth suburb Claremont on the north bank of the Swan river, Hobart’s Risdon Vale, Bonner located 13 kilometres from Canberra CBD, and Darwin suburb of Winnellie top the charts.
“It’s helpful to know where these potential pockets of supply could come from,” Westpac’s Will Ranken said.
Whether that be oversupply in these areas or buyer opportunity, the property data, which comes from government information such as the Valuers General, data partners and ABS data, says the “Likelihood to List” model has an accuracy over 95 per cent across every Australian capital city.
|Paddington||Pakenham||Springfield Lakes||Seacombe Gardens||Claremont||Risdon Vale||Winnellie||Bonner|
|Glenmore Park||Burnside||Mount Cotton||Springfield||North Coogee||Clarendon Vale||Bayview||Casey|
|Dover Heights||Caroline Springs||Heathwood||Dover Gardens||City Beach||Rokeby||Larrakeyah||Forde|
|Ruse||Cranbourne||Kallangur||Glen Osmond||Iluka||Tolmans Hill||Coconut Grove||Crace|
|Avalon Beach||Beaconsfield||North Lakes||Gepps Cross||Swanbourne||Chigwell||Stuart Park||Harrison|
|Balgowlah Heights||Officer||Strathpine||Oaklands Park||Peppermint Grove||Mount Nelson||Anula||Dunlop|
|Leumeah||South Morang||Augustine Heights||Fitzroy||Mount Claremont||Lenah Valley||Tiwi||Narrabundah|
|Warriewood||Frankston North||Brendale||Medindie||Mosman Park||South Hobart||Muirhead||Franklin|
|West Pymble||Roxburgh Park||Bellbird Park||Ascot Park||Cottesloe||Mount Stuart||Lyons||Charnwood|
*of the data observation date of 31 July 2019
The analysis comes amid transition in the property market.
The Reserve Bank of Australia indicated its concern that the lower interest rate environment could spur a rise in housing prices, as revealed in its minutes this week of its 1 October board meeting.
Australia’s big four banks now all offer home loan interest rates below 3 per cent since the central bank’s announcement. Westpac was the last of the big four, this week to join the pack.
The latest Corelogic figures show the number of new listings being added to the combined capital city housing market has seen a 44 per cent rise since the slowdown of July's winter period.
Lawless said the rise in listings is still much lower than previous years, new stock levels are down across every capital city, with the largest fall recorded in Darwin.
“The number of new capital city listings over the past twenty eight days are tracking at the lowest level for this time of the year since Corelogic started measuring real estate listings in 2007,” Lawless said.
Westpac's home ownership report indicates that around 2.1 million (17 per cent) Australian home owners are considering selling in the next five years.
It also found that younger generations are vying to get into the market, with 53 per cent of Gen Z and 31 per cent of millennials prioritising buying a home in the next five years.