The number of Australians looking to sell their property is rising, especially in some particular suburbs, according to the latest Westpac research.
The report found there is an uptick in the amount of Australians thinking about selling their home with four in ten (39%) homeowners planning to list in the next five years, an increase of 9% since November 2020.
There are also more Aussies looking to downsize — with the numbers revealing that over a quarter of people surveyed wanted to seek out a smaller property.
And the data could be great news for buyers.
Here are the top 10 suburbs in each state and territory where Aussies are most likely to sell their property within the next 6 months.
All the data is up-to-date and is being provided by Westpac research.
But first, I’ll add an important disclaimer.....
I’m not suggesting you should buy in these areas and that you should always be aware of these types of lists which tend to be based on Hot Spotting.
Remember...today's hot spot can easily become tomorrow's NOT Spot.
Any investment purchase should be made as part of a long-term strategic property plan, you should be aware of these types of lists.
According to Westpac’s managing director of mortgages Anthony Hughes, the uptick in interest for homebuyers to sell is being driven by increased confidence in property returns.
Sellers are also being driven by their desire to live in a new area as the Covid-19 pandemic changes the way we live and work.
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The data also supports what I’m seeing in the property market — the rise of the 20-minute neighbourhood.
“Properties further from the city boasting backyards and a more relaxed lifestyle remain top of mind for buyers, and for the first time, more homeowners are telling us increased infrastructure and amenities in their desired area is also motivating them to sell, with public transport, local shops and parks ranking as the most desirable suburban features,” Hughes said.
While the report found houses are most in-demand, units and apartments still remain a popular option.
This is particularly the case among younger buyers who are more likely to want the convenience and access to local cafes, restaurants, and bars, as well as downsizers who might be seeking a coastal lifestyle, he explained.
The report found seven in ten (71%) first home buyers are seeking a house or townhouse and three in five (62%) want a property with at least three bedrooms.
The suburbs on Westpac’s list have the benefit of having a wide range of living options for property hunters and also cater to the changes we’ve seen since the pandemic began.
Now that more and more Aussies are working from home on a more permanent basis, on top of the 20-minute neighbourhood, they’re also looking for properties which have more space or a dedicated area or room to allow them to continue working from home.
And this is another trend I’ve also been tracking — the demand for larger homes.
I mean, we already know that Australia has been building some of the biggest homes in the world, but the Covid-19 pandemic seems to have accentuated this thirst even further.
At the end of last year, the CommSec Home Size Trends report found that new houses built in Australia during the 2019/2020 financial year were on average 235.8 square meters, a 2.9% jump and the biggest increase in 11 years.
But a recent analysis of realestate.com.au data shows COVID-19 has noticeably increased how much more people are paying for large homes relative to smaller ones.
In fact, REA Insights economist Paul Ryan said that owners of three-bedroom or larger homes have been the biggest winners in the upswing in prices over the past year.
And the data also supports the trend for buyers to search for larger homes.
RealEstate.com has already seen this shift in the sizes of homes people are searching to buy on their portal.
Meanwhile, as property values have increased around Australia, the premium people have been paying for large dwellings has also increased.