Suburbs Where Homebuyers Could Bag A Bargain Right Now

New analysis has identified the suburbs where the number of active buyers has dipped alongside an uptick in new listings, offering potential bargains for those keen to purchase.

A market correction is underway in parts of Australia, with demand beginning to ease and supply increasing, leading to a cooling off prices following the historic COVID price boom.

But in some pockets, there’s a particular balancing out of supply and demand, which could represent a bargain hunter’s dream come true.

PropTrack economist Angus Moore said across the capital cities, it has been the busiest start to a year for new listings since 2014.

“That’s helped lift the total stock of properties available for sale, particularly in Sydney and Melbourne, which are now back close to decade average,” Mr Moore said. “That’s a shift from the pandemic, when choices were much more limited.”

PropTrack and realestate.com.au data has revealed the normally hot suburbs where property listings are up, but the number of buyers per listing has eased.

Where demand is down and supply is up

In Sydney, Caringbah South topped the state’s potential bargain list, with a 23.9% decline in potential buyers per house listing in May 2022 compared to May 2021, and a 18.3% lift in new listings over the same period.

The Sutherland Shire suburb has a median house price of $2.3 million, up 33% year-on-year, according to PropTrack data.

Paddington in Sydney’s east came in second, with a dip of 16.8% when it comes to active house buyers and an increase in listings of 17.2%.

Its median house price is $3.33 million and has surged 22% in the past 12 months.

Other notable entries on the list were the beach suburb of Maroubra, the inner-west hipster haven of Newtown, and the family friendly suburb of Greenacre.

“Buyer numbers are down across the nation, because people are currently fearing a lack of future capital growth due to the recent interest rate increases,” buyer’s agent Kate Hill from Adviseable said.

Those in the market, particularly in normally competitive suburbs, will find less competition and more choice, Ms Hill said.

When it comes to units, the number of buyers per listing in Bondi Junction in the east has slumped by 33.8% while the number of new listings is up 46.3%.

The median unit price there is currently $1.23 million, up 13.8% in the past 12 months.

Where bargain house hunters could look in Sydney

Where bargain unit hunters could look in Sydney

In the latest Housing Market Indicators report, PropTrack senior economist Eleanor Creagh said some cities were seeing the start of a swing from a seller’s market to a buyer’s market.

“Properties are taking longer to sell, and this is likely to be a lasting trend,” Ms Creagh said.

“Last year was a seller’s market and overwhelmingly so, while this year’s continued strength in new listings has seen a lot more choice for buyers. This has brought a much healthier balance to the market as dynamics shift in favor of buyers.”

Buyers looking in Melbourne are likely to find it easier to crack the market than they might’ve throughout the latter part of 2021.

Coburg in the inner-north has seen the number of potential buyers per listing drop 36.4% while the number of new listings coming to market has jumped 37.6% year-on-year.

The median house price of $1.28 million has risen 15.3% in the past 12 months.

Nearby Brunswick, usually a sought-after market, has also had a dip in buyer demand, with the number of buyers per listing down 38.7% and new listings up 35.8%.

The median house price of $1.36 million rose modestly by 4.3% in the past 12 months.

Other notable house entries on the Victoria list are Ringwood, east of the city, Doreen in the north-east, and Preston in the inner-north.

Where bargain house hunters could look in Melbourne

Where bargain unit hunters could look in Melbourne

The analysis produced several results in Queensland, with suburban Murrumba Downs in Brisbane’s north seeing the number of buyers per listing slip 14% year-on-year and new listings rise 16% over the same period.

The family friendly area of ​​Sunnybank Hills on the southside of the city has also seen demand fall 16.4% while supply has lifted 7.3%.

There are not as many results in Brisbane as in Melbourne and Sydney, and the shifts in demand and supply are more modest, because of the strength of southeast Queensland’s market.

Justin Nickerson, director of Apollo Auctions, said the pendulum has swung back slightly towards buyers in Brisbane in recent times.

“It had swung all the way in favor of sellers last year, but now it has swung back to represent more of an equilibrium point,” Mr Nickerson said.

“Brisbane market conditions are no doubt more in favor of buyers now than they were in 2021. They now have much more opportunity to get in the market, but it’s important that they don’t let the moment pass them by while they wait for the seemingly ‘perfect time’.”

Where bargain house hunters could look in Brisbane

There were no results for units in the Brisbane market because of the continued strength of that segment.