The 50 most popular Aussie suburbs for property development
Australia’s development market continues to grow as an increasing number of first home buyers and upgraders look to purchase properties off-the-plan.
Buyer interest in new housing and apartments developments is up by 11 per cent and 6 per cent year-on-year, the latest data from realestate.com.au has revealed.
Why are off-the-plan properties still so popular?
Buying a property off-the-plan is often cheaper than buying an established property, and so is a popular option among younger buyers.
“With a growing population and declining property prices, the ability to find and secure affordable housing continues to be a concern for many Australians,” realestate.com.au chief economist Nerida Conisbee explained.
Related story: Watch out: there’s a ticking time BOMB for property investors
Related story: An Aussie property crash is looking even more unlikely: here’s why
Related story: Australia’s most liveable city has been named, and it’s a surprise
“In addition, tightened access to finance following the Banking Royal Commission and a threat of changes to negative gearing with the upcoming federal election has resulted in many buyers considering their property-purchasing options.”
Who is buying?
First home buyers are contributing to 50 per cent of the growth in new apartments in Queensland and South Australia, and are the primary driver of growth in new apartments in Western Australia.
“Aside from affordability, people are attracted to buying off-the-plan because of the modern features, the flexibility to choose floor plan and the fact that no-one else has lived in the property previously,” Conisbee added.
But there are some suburbs where buyers are especially interested in purchasing a home off-the-plan.
These are the most popular suburbs for developments
Victoria
New houses | New apartments |
Doncaster | Melbourne, 3000 |
Langwarrin | Melbourne, 3004 |
Lilydale | South Melbourne |
Drouin | Southbank |
Officer | Footscray |
Western Australia
New houses | New apartments |
Doubleview | Perth |
Scarborough | Fremantle |
Floreat | Scarborough |
Duncraig | Jolimont |
Como | East Perth |
South Australia
New houses | New apartments |
West Lakes | Bowden |
Lightsview | Adelaide |
Warradale | Hyde Park |
Somerton Park | West Lakes |
Christies Beach | Lightsview |
New South Wales
New houses | New apartments |
Schofields | The Rocks |
Kellyville | Dee Why |
The Ponds | Wollongong |
Epping | Sydney |
Edmondson Park | Newcastle |
Queensland
New houses | New apartments |
Newport | Palm Beach |
Caloundra | Broadbeach |
Rochedale | Kangaroo Point |
Springfield Lakes | Burleigh Heads |
Maudsland | Newstead |
Make your money work with Yahoo Finance’s daily newsletter. Sign up here and stay on top of the latest money, news and tech news.