Australian property market: Buyers look to northern NSW while Melbourne CBD trumps popularity in Victoria - triSearch

Australian property market: Buyers look to northern NSW while Melbourne CBD trumps popularity in Victoria

Property market focus in Australia.

Explore the hottest suburbs, the surge in first-home buyers, and the factors shaping the December 2023 real estate landscape by taking a property market focus on New South Wales, Victoria, and Queensland. 

The recurring property dream as buyers follow their ‘north star’ 

It was somewhat of a recurring theme in the NSW property market last month. An increasing number of home buyers sought space, and presumable price comfort, away from Sydney’s centre, property sales data has revealed.

Depending on the day and the time, you could spend at least an hour in the car to reach any of the suburbs listed in the Top 10 of sales recorded by triSearch in December. Suburbs between 40 kilometres and 50 kilometres north-west of the Harbour Bridge topped the rankings.

For the second month running, Oakville in the Hawkesbury region was the most favoured spot for investors. Australian TV trivial buffs will recognise Oakville for the fictional Wandin Valley hospital in Channel 7’s beloved A Country Practice. But its most likely home buyers last month were drawn by its peaceful rural settings.  

Locations dotted along the F1 motorway north of Sydney – Wyong, Gosford and The Entrance – were also proven drawcards for buyers in December. It was the first time the latter had made it to the Top 10 rankings in 2023.  

There is value and quality of life to be had in the market. It was clear first-home buyers were feeling the energy in December. There was a 6 per cent increase in the number of purchasers entering the market for the time last month. And despite what some might think is a slower period for property purchases, homes for sale were on the market an average of four days less than they were for the corresponding month of 2022. The heat is still on this summer. 

NSW Hottest Suburbs

The NSW suburbs where the most property was bought in December 2023. 

  1. 2765 – Oakville 
  2. 2155 – Kellyville 
  3. 2259 – Wyong 
  4. 2148 – Blacktown 
  5. 2170 – Liverpool  
  6. 2145 – Westmead 
  7. 2261 – The Entrance 
  8. 2250 – Gosford 
  9. 2570 – Camden 
  10. 2560 – Campbelltown 

Top of the town on top of the home sales list in Victoria

The centre of Melbourne comes alive this time of year every; think Boxing Day cricket Tests, the Australian Open tennis and headlining entertainment.

But in December 2023, the Victorian capital’s heart was pounding loudly with home buyers flocking to the area is strong numbers.

Property in the CBD became hot ticket items for the second month – Melbourne city, and its next-door neighbour, South Yarra topped the sales list.

It appears purchases continue the passion for the urban lifestyle, the food, the entertainment, and the sport those areas have to offer.

But buyers generally were not afraid to make distinctly different choices for living. The semi-rural and park-like area of Werribee, some 32 kilometres from the hallowed turf of the MCG was also extremely popular with property investors.

Werribee jumped a few spots on the real estate sales ladder to take the number four slot.

VIC Hottest Suburbs

The Victorian suburbs where the most property was bought in December 2023. 

  1. 3000 – Melbourne 
  2. 3141 – South Yarra  
  3. 3029 – Tarneit  
  4. 3030 – Werribee  
  5. 3978 – Clyde North  
  6. 3121 – Richmond   
  7. 3006 – Southbank  
  8. 3931 – Mornington  
  9. 3073 – Reservoir  
  10. 3844 – Traralgon 

Great Queensland neighbours generate property interest 

It takes roughly six minutes to drive from Caboolture to Morayfield. The first is known for its diversity in lifestyle and scenic attractions. The second is known for its retail strength. 

Together, these suburbs 45 kilometers north of Brisbane’s CBD, topped the home sales list for Queenslanders in December 2023. 

Buyers appear to have sought value for money and convenience is their purchase decisions.  

But North Queensland was also a hot spot last month. Kirwan, within the Townsville city boundaries was the third most popular suburb for purchasers.  

While Kirwan is well known as the home of the National Rugby League team, The North Queensland Cowboys, it also gets a good review for its amenities and convenient location. Online reviews describe the suburb as a place boasting “friendly locals, beautiful parks, and excellent restaurants.  

In a prosperous town like Townsville the area may find its way to the top selling list for some time. 

QLD Hottest Suburbs 

The Queensland suburbs where the most property was bought in December 2023. 

  1. 4510 – Caboolture 
  2. 4506 – Morayfield  
  3. 4817 – Kirwan  
  4. 4505 – Burpengary  
  5. 4509 – North Lakes  
  6. 4217 – Surfers Paradise  
  7. 4301 – Redbank Plain  
  8. 4306 – Ripley  
  9. 4504 – Narangba  
  10. 4209 – Pimpana 

For news and insights from experts around the industry, download edition five of the Australian Conveyancer, today. 

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