Buyer Demand Surges Across Australia Despite Rising Rates and Prices
New analysis from PropTrack reveals a surprising surge in buyer interest across many Australian suburbs, even as higher interest rates and climbing housing prices persist. Nearly 60% of suburbs nationwide have experienced an increase in views per listing on realestate.com.au compared to the previous year, showcasing the latest trends in buyer demand.
Australia’s Most In-Demand Suburbs
Topping the list for house demand is Viveash, located 16 kilometres east of Perth’s CBD. Interest in this suburb has skyrocketed by 163% year-on-year. A key factor in Viveash’s rise is the development of the Rivermark housing estate, a new project that will ultimately deliver over 650 homes on the historic Midland Brick site.
Over the year to November, Viveash’s median house price rose by 14.8% to reach $706,000.
Following Viveash are Lochinvar and Raglan in New South Wales, with Cardup in Western Australia and Shoal Point in Queensland rounding out the top five.
Value Drives Interest in Lochinvar
Lochinvar, a village in NSW’s Hunter region, has emerged as the second most sought-after suburb. Its appeal lies in its family-friendly atmosphere, attracting buyers eager to settle in a community-oriented area.
Unique Properties Capture Attention
In other high-demand suburbs, distinctive properties have played a significant role in driving interest. For example, Shoal Point, near Mackay in Queensland, gained attention after the recent sale of a private island within its area.
Tina Sander, a real estate agent and director at Harcourts MackTown, highlighted the $5.6 million sale of Little Green Island, previously owned by actor and producer Douglas Gresham, known for his work on The Chronicles of Narnia films. The island’s uniqueness and exclusivity made it a standout listing, boosting Shoal Point’s popularity.
Spring Selling Season Boosts Listings
The increase in demand aligns with a surge in new listings during the spring selling season. Nationally, new listings were up 20.9% in October compared to the previous month and 14% higher than the same time last year.
While this influx of listings offers buyers more options, it may temper demand in some areas as the market adjusts to greater supply.
Looking Ahead to 2025
As 2024 draws to a close, the property market’s momentum is expected to continue into the new year. Suburbs like Viveash, Lochinvar, and Shoal Point demonstrate that a mix of value, development opportunities, and unique offerings can keep buyer interest strong, even amid challenging economic conditions.
For homebuyers and investors, staying informed about emerging trends and high-demand areas is key to making confident decisions in this dynamic market.
