A growing number of Aussies are looking to downsize which means some brand new listings will be hitting the market, according to Westpac research.
The report found homeowners are looking to downsize, with more than a quarter (26% per cent saying they will seek out a smaller property.
Westpac’s Managing Director of Mortgages Anthony Hughes said the findings could be promising news for buyers as property demand continues to surge.
Also read: Step-by-step: The 7 stages of buying a home
“Our research shows that while buying intentions have tapered slightly, demand still remains stronger than it did prior to the pandemic, reinforcing that the great Aussie dream of owning a home continues to remain a priority,” he said.
“In welcome news for buyers, the report also found more people are now thinking about selling.”
Here are the top 10 suburbs in each state and territory where Aussies are thinking of selling.
Top 10 suburbs likely to list in Sydney
“Properties further from the city boasting backyards and a more relaxed lifestyle remain top of mind for buyers,” Hughes said.
“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.”
Top 10 suburbs likely to list in Melbourne
“While the report found houses are most in demand, units and apartments still remain a popular option,” Hughes said.
“Particularly among younger buyers who are more likely to seek the convenience and access to local cafes, restaurants, and bars, as well as downsizers who might be seeking a coastal lifestyle.”
Lynbrook / Lyndhurst
Top 10 suburbs likely to list in Adelaide
The report found seven in ten (71 per cent) first home buyers are seeking a house or townhouse and three in five (62 per cent) want a property with at least three bedrooms.
Davoren Park / Elizabeth
Mitchell Park / Morphettville
Torrens Park / Kingswood
Top 10 suburbs likely to list in Brisbane
Despite a slight decrease recorded in the number of Australians planning to buy a first home, competition with other buyers remains a top challenge with 29 per cent citing a lack of listed options as a barrier to achieving home ownership – a sentiment that’s increased by 10 percentage points in the last three months.
Clontarf / Margate
Mackenzie / Burbank
Goodna / Springfield
Redcliffe / Scarborough
Carina / Carindale
Top 10 suburbs likely to list in Perth
Kinross / Currambine
Floreat / Wembley
Hamilton Hill / Spearwood
Melville / Attadale
Hughes said this list of suburbs from around the country offers a diverse range og options for prospective buyers.
“Areas featured on the list offer a diverse range of living options for prospective buyers that also cater to the changing preferences we’ve seen since the start of the pandemic, including stronger demand for more space through a dedicated study or spare bedroom as many continue to work from home,” he said.