Explore the hottest suburbs, the surge in first-home buyers, and the factors shaping the November 2023 real estate landscape by taking a property market focus on New South Wales, Victoria, and Queensland.
See below the breakdown for each respective State throughout November:
NSW
A cluster of suburbs less than hour’s drive northwest of Sydney’s CBD was the property market focus of home buyers’ attention during November.
Buyers sought value and lifestyle in their purchasing decisions. The Reserve Bank’s December decision to hold the cash rate at 4.35 per cent also offered some comfort for buyers and made their purchase decision even more palatable.
Oakville, 53 kilometres and a 45- minute drive from Central Station was NSW’s most popular suburb for buyers last month.
Nestled in the Hawkesbury Valley’s peaceful farming district, you know you’re in Oakville the moment you see fruit and vegetable stalls dotted along the main roads.
Nearby Caddens (Number 4) and Penrith (6), with a similar vibe made the state’s Top 10, suggesting buyers are not prioritising central Sydney over a homely lifestyle. Liverpool, Blacktown, and Kellyville – each located near Sydney’s outskirts – were also popular with buyers last month.
First Home buyers: Despite cost-of-living pressure across the country, first-home-buyer sales are on the increase in NSW.
There was a 5 per cent jump in first home-buyer in November over the corresponding month in 2022. First-home purchases made up 30 per cent of sales in the state. Quick sales: And the time it takes to sell a home was significantly shorter in November 2023 compared to November 2022.
It took on average just 55 days to offload a home. At the same time last year, homes were on the market for 70 days. The result signifies a buoyant finish to the 2023.
Hottest Suburbs
The NSW suburbs where most property was bought in November 2023.
- 2765 – Oakville
- 2155 – Kellyville
- 2170 – Liverpool
- 2747 – Caddens
- 2259 – Wyong
- 2750 – Penrith
- 2250 – Erina Fair
- 2148 – Blacktown
- 2154 – Castle Hill
- 2145 – Pemulwuy
Victoria
Melbournians are extremely proud of Australia’s southern capital. They say it’s the food, cultural and sporting hub of Australia and evidently love telling Sydneysiders all about it.
But arguably it’s the Economist Intelligence Unit’s Global Liveability Index, which annually ranks 173 cities around the world, that has the last say.
In 2023, it ranked Melbourne the third most liveable domain behind Vienna and Copenhagen, and just one place ahead of the Sydney, which occupied fourth spot.
Locals will say Melbourne has an incredible food scene, events, and attractions, as well as playing host to sporting festivals such as the Australian Formula One Grand Prix and the Australian Open tennis.
With all of that “in the bank”, perhaps it’s no surprise that Melbourne’s CBD suburb (3000) was the hottest location for home sales in Victoria in November.
Convenience, culture, cuisine, and cleanliness. It’s next-door neighbour, Southbank, on the other side of the Yarra was Victoria’s 10th most popular spot among home buyers last month.
Hottest Suburbs
The Victorian suburbs where the most property was bought in November 2023.
- 3000 – Melbourne
- 3029 – Tarneit
- 3141 – South Yarra
- 3806 – Berwick
- 3978 – Clyde North
- 3182 – St Kilda
- 3136 – Croydon
- 3029 – Truganina
- 3030 – Werribee
- 3006 – Southbank
Queensland
As was the case in Australia’s other large city locations last month, Queensland’s property market focus saw home buyers make their way into town to settle down in November.
Inner city Brisbane’s Newstead was the most popular address for sales in the Sunshine State, ahead of perennial beachside favourites like Surfers Paradise, which came in at Number 9 last month.
Up-and-coming Newstead has a growing nightlife scene centred on a stretch of former warehouses featuring craft breweries and pubs with a hip, laid-back atmosphere.
Continuing the industrial-chic vibe, nearby Gasworks Plaza has stylish bistros and cafes built around a decommissioned gasometer.
Convenience, entertainment, and proximity to the office appear to have been the big drawcards.
In other takeaways from the Queensland data, Morayfield (fifth) and Caboolture (sixth) dropped a few spots month-on-month but still remain hot.
And North Lakes was in the Number 3 spot last month but has disappeared from the Top 10 in November.
Hottest Suburbs
The Queensland suburbs where the most property was bought in November 2023.
- 4006 – Newstead
- 4125 – Park Ridge
- 4207 – Yarrabilba
- 4215 – Southport
- 4506 – Morayfield
- 4510 – Caboolture
- 4035 – Albany Creek
- 4110 – Pallara
- 4217 – Surfers Paradise
- 4503 – Griffin
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