Things are getting competitive for many Australians who are looking to break into the housing market before borrowing becomes harder, and a new report identified the suburbs where these buyers could find what they are looking for.

REA Group's latest PropTrack Listings Report showed a surge in new listings in most states, with Melbourne and regional Victoria having the most active sellers.

PropTrack economist Angus Moore said the Melbourne property market has already emerged from hibernation after new listings in the market grew by more than 170% over the year.

"Seller confidence was strong across the country as roadmaps out of lockdown were announced and eased restrictions came into place," he said.

"With the impact of eased restrictions in Melbourne and Canberra only partly felt as they came into effect mid-month, we are likely to see continued benefits from these changes in October."

However, despite the surge in new listings, the total properties currently available in the market still paled in comparison to the levels seen over the past year.

"Available stock has been particularly low in regional areas, where total listings are nearly one third lower than their level a year ago. The property shortage is being felt most in regional New South Wales where total listings are nearly 40% lower than a year ago," Mr Moore said.

"Challenged supply means competition will remain tight for buyers in the short term, but in positive news for sellers, we expect strong selling conditions to remain for at least the next few months.”

Suburbs with biggest gains in new listings

The report showed that Victoria had the suburbs with the biggest jump in listings, with five of its busiest markets reporting over 400% annual increases in fresh supply of homes.

The list below identifies suburbs in each state with the most substantial increase in new listings. Take note that no suburbs in the Northern Territory were listed due to insufficient data:

New South Wales:

  • Gordon – 136%
  • Currans Hill – 130%
  • Darlinghurst – 129%
  • Ingleburn – 113%
  • Lakemba – 109%

Victoria:

  • Brunswick – 570%
  • Glenroy – 462%
  • Hawthorn – 450%
  • Coburg – 436%
  • Ringwood – 420%

Queensland:

  • South Brisbane – 150%
  • Eagleby – 139%
  • Hawthorne – 136%
  • Sunnybank Hills – 123%
  • Loganlea – 118%

South Australia:

  • Munno Para West – 115%
  • Plympton – 64%
  • Paralowie – 63%
  • Craigmore – 62%
  • Aberfoyle Park – 55%

Western Australia:

  • Meadow Springs – 190%
  • Kelmscott – 146%
  • Balga – 133%
  • Joondalup – 131%
  • Victoria – 131%

Tasmania:

  • Glenorchy – 92%
  • Kingston – 23%
  • Blackmans Bay – 18%

ACT:

  • Gungahlin – 50%
  • Phillip – 50%
  • Kingston – 40%
  • Ngunnawal – 36%
  • Kambah – 32%

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Photo by Pat Whelen on Unsplash

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