Australian property market: Sydney’s west wins, while Victorians turn to heart of CBD

The Australian property market continues to thrive across all east coast States in November.

According to triSearch property data from October indicates Sydney’s western suburbs continue to show purchaser trends, Victorians seek to square up property in hot suburbs around the Melbourne CBD, while Queensland property investors push to popular holiday destinations.

The west was won in NSW Metro

The western suburbs of Sydney, Australia’s largest and most expensive city for real estate, remained the place to purchase during October, according to the triSearch property sales data. Pendle Hill, Blacktown and Cadden in the west and north-west corridor were the three most desirable locations for buyers. Interestingly, Oakville, September’s hottest suburb in Sydney did not make into the top 10 highest-selling suburbs in October.

It appears to be a price sensitive market

Foreign investors making a Sydney property purchase for the first time were led by parties from India, China and Nepal. Despite the strength of the British pound against the Aussie dollar (52 cents buys £1), Brits ranked seventh in the list of internationals buying in to the market.

But there are plenty of willing purchasers regardless. Properties are selling faster now than they were the same time last year. The average number of days a property is on the market in NSW before being sold is 54 days, down from 67 days for the same period last year.

NSW Hottest Suburbs

The NSW suburbs where most property was bought in October 2023.

1. 2145 – Pendle Hill
2. 2747 – Caddens
3. 2148 – Blacktown
4. 2560 – Campbelltown
5. 2750 – Penrith
6. 2155 – Kellyville
7. 2150 – Parramatta
8. 2259 – Wyong
9. 2153 – Baulkham Hills
10. 2141 – Berala

Victorian hearts lie in the centre

October was a case of “hot in the city” as Victoria ‘s property sales results came in. The Melbourne city centre was not only a vibrant hub for shopping and entertainment, but it was also the desired place to purchase. The suburb topped last month’s ranks.

But for a change of pace, Box Hill, one of Melbourne’s fastest growing health and education locations, was the southern capital’s second-best-selling suburbs last month. The familyfriendly area, 14 kilometres from the city centre, is home to parks and wildlife, making it a popular property investment destination.

Across town and in the opposite direction Werribee, 32 kilometres south-west of Melbourne’s CBD, was ranked second for property purchases last month.

Outsiders will know the area for its tourist attractions such as the Victoria State Rose Garden, and locals suggest it’s great for families. Property investors have banks on this too and are significant among the buyers’ profile.

VIC Hottest suburbs

The Victorian suburbs where most property was bought in October 2023.

1.  3000 – Melbourne
2.  3128 – Box Hill          
3. 3030 – Werribee
4. 3073 – Reservoir
5. 3141 – South Yarra
6. 3029 – Tarneit
7. 3030 – Point Cook
8. 3121 – Richmond
9. 3101 – Kew
10. 3182 – St Kilda
    

Queenslanders retreating the coast

Queensland’s Moreton Bay is not only a hot spot for a holiday, it seems it’s also high on the list for property investors too.

The region’s Morayfield – a thriving retail precinct – was the most popular location for property sales last month. It topped perennial sand, sun and sea favourites like Caboolture, Surfers Paradise and Southport in the ranking.

QLD Hottest suburbs

The Queensland suburbs where most property was bought in October 2023.

1. 4506 – Morayfield
2. 4510 – Caboolture
3. 4509 – North Lakes
4. 4217 – Surfers Paradise
5. 4207 – Yarrabilba
6. 4209 – Pimpama
7. 4215 – Southport
8. 4301 – Redbank Plains
9. 4509 – Mango Hill
10. 4503 – Kallangur

Overseas Investment

Foreign parties investing in Australian property for the first time in October 2023. Volume percentage ranking by nationality.

1. India – 5.54%
2. Nepal – 4.28%
3. China – 2.63%
4. New Zealand – 1.95%
5. Philippines – 1.56%
6. Vietnam – 1.36%
7. United Kingdom – 1.07%
8. South Korea – 0.78%
9. Bangladesh – 0.39%
10. Pakistan – 0.319%

For more insights and trends on the state of Conveyancing in Australia, download your copy of the Australian Conveyancer digital magazine.

Disclaimers – The content provided in this publication is of a general nature and does not take into account future market conditions of your individual circumstances. You should exercise your own skill and judgement when considering investment decisions and seek professional advice where appropriate. While triSearch uses commercially reasonable efforts to ensure the content contained in this blog is current, triSearch does not warrant the accuracy, currency, or completeness of the content and to the full extent permitted b law excludes all loss or damage howsoever arising (including through negligence) in connection with this blog.