Home values across Australia have been on a decline recently due to rapid cool-down in Sydney and Melbourne housing markets. But with falling prices, the country’s two most expensive cities have seen a lift in property listings in many suburbs, although demand and supply has been quite steady in other cities’ markets.
Hobart, which is considered the most affordable Australian state capital for buying property, has also experienced a shortage of housing stock over the past 12 months which has driven up market value.
Suburbs with Greatest Change in Listings
A research by CoreLogic gathered data on properties listed for sale over the past year to determine which suburbs in Australia have experienced the greatest change in terms of number of houses advertised for sale between May 2017 and May 2018.
The town of Katherine in Northern Territory has seen the biggest increase in property listings this year with almost 100 per cent more homes advertised for sale in 2018 than in 2017. Listings in Queensland’s mining town of Clermont have also grown by 80.3 per cent this year.
Although regional markets have seen a downward trend in listings, most of the suburbs with greatest change in listings are situated in the outskirts of capital cities.
Despite the mining bust for the past few years which has driven down housing prices, mining regions in Queensland and South Australia make up for most of the suburbs on the list which have seen an increase in the number of properties being sold which suggests that homeowners are more eager to sell as a greater number of distressed assets are being advertised for sale below average market value.
In Victoria, the top five areas with the greatest change in property listings are all regional suburbs whereas Sydney suburbs dominate New South Wales listings.
In Tasmania, most of the suburbs have fewer houses listed for sale this year than in 2017 which shows the shortage of housing stock in the state. While the average increase in the number of listings in Victoria, Queensland, Northern Territory and West Australia has been above 50 per cent, Tasmania’s capital, Hobart, has only experienced a 7.4 per cent increase as the market faces a serious shortage of housing stock.
Sydney’s Up-and-Coming Neighborhoods
According to experts Sydney is expecting a massive increase in housing stocks of these four suburbs over the next few months.
When Malcolm Turnbull promised to build an airport at Badgerys Creek in 2017, the south-western suburbs of Sydney received a boost in housing development projects which are expected to commence next month.
The government has already revealed plans to create a brand new suburb called South Creek West, with at least thirty thousand houses on the southern end of the airport. Policymakers are also releasing a 958-hectare piece of land near the airport for a development project of three thousand new homes and a town center.
Values of existing properties close to the airport site have rapidly increased by 20 per cent in just 6 months and the town of Silverdale close to Badgerys Creek has recently joined the million-dollar club with prices for its median-priced homes rising above million dollars.
Marrickville has seen quite a lot of development projects this year including Marrick & Co complex with 220 new dwellings, Kindred complex with 39 apartments and NeaZoi complex with 22. 2,600 new homes could also be built along the Carrington Road, according to a proposal by policymakers. Other parts of Marrickville are also undergoing change after the rezoning of the industrial land in order to accommodate more housing complexes.
The housing community in Edmondson Park has received a huge boost from the construction of a railway station which connects residents to the South West Rail Link that can be taken to Sydney’s Central Business District. State government has announced plans to free up 150 hectares of land for a brand new suburb as well as a town center with over hundred shops, schools, parks and a cinema.
The state government is planning to free up a large piece of land in Frenchs Forest for a new development project of 5,000 apartments and a town center. Residents in the area are already anticipating the completion of a large Northern Beaches Hospital which is set to open late in 2018.
Policymakers have also proposed the creation of a Beaches Link Tunnel which will link the hospital with the Lower North Shore. If the proposal is approved, Frenchs Forest could see the construction of 5,000 additional dwellings.