If you’re looking to buy in Middle Park Victoria, or Crafers West in South Australia, buckle up: you’ve got some stiff competition.
The latest property outlook from realestate.com.au has named the top 10 Australian suburbs attracting the most views per listing, with all suburbs falling within Victoria, South Australia and New South Wales.
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The challenge of being the most-viewed city
The research also highlighted the most-viewed cities. Interestingly, by city, Hobart has the most property views per listing, while Darwin has the least.
“The reality is there has been a structural change in the Tasmanian economy,” realestate.com.au chief economist, Nerida Conisbee said.
“Hobart’s economy took off without adequate new supply of housing and very little in the pipeline.”
And, while it may be good news for homeowners with rising property values, it presents challenges for those looking to buy or rent.
“Finding a bargain in Hobart is no longer possible,” Conisbee said.
“So much so that even the home of Hobart’s maximum-security prison, Risdon Vale, has seen 18 per cent price growth over the past 12 months. Prison suburbs are notoriously unpopular on realestate.com.au, usually seeing very low views per listing.”
It means that Hobart’s economy will now likely be dented by lower affordability.
What’s the outlook for Australia?
The good news is this is not the worst downturn ever, Conisbee said, “although if you are in Sydney, Perth or Darwin it probably feels like it”.
However, the outlook for the future is growing clearer, she added.
“The biggest impact of the Royal Commission was actually when it was announced, with banks immediately beginning to focus more on responsible lending,” Consibee noted.
“While positive for financial stability, it signaled the end of the property market boom in Melbourne and Sydney and derailed the flicker of a recovery in Perth.”
However, finance will hopefully become easier as former restrictions on banks writing interest-only loans ease off.
“This won’t bring back investors to the same point as during the boom, but it will make it easier for them. Ideally it will put first home buyers and upgraders in a better position, particularly because for this group, buying conditions are far better than two years ago, but many are still finding it difficult to get a loan.”
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