Media releases

From Paddo to Pakenham: Australia’s housing supply hotspots

12 October 2019

With new research showing location is the most important factor for home buyers, Westpac has partnered with Insight Data Solutions (IDS) to uncover the metropolitan hotspots where sellers are most likely to list in the coming months.

The Westpac Likelihood to List Rankings revealed the following suburbs where houses are most likely to list in each major city¹:
 

• Sydney: Paddington
• Melbourne: Pakenham
• Brisbane: Springfield Lakes
• Adelaide: Seacombe Gardens
• Perth: Claremont
• Hobart: Risdon Vale
• Darwin: Winnellie
• Canberra: Bonner

Westpac has also released new insights from the 2019 Home Ownership Report, indicating that for first home buyers, location is the top priority. Among them, 44% believe that proximity to work and 51% believe access to public transport is essential. Those from capital cities are three times more likely to prioritise reducing their commute and twice as likely to be influenced by school catchment areas, compared to the rest of Australia.

“It’s helpful to know where these potential pockets of supply could come from, which will allow buyers to consider if these areas could be right for their property needs - taking advantage of lower interest rates and competitive offers for borrowers,” Will Ranken, Westpac General Manager Home Ownership said.

“While all buyers have different needs, most tend to agree that location is key when choosing a home, with safety, a quiet area, and proximity to shopping centres or grocery stores considered essential.   

“Our data reveals a spread of hotspots across metropolitan suburbs, offering potential buyers some choice when it comes to their preferred location, and proximity to work and schools, which we know is particularly important to buyers.”

The research indicates that around 2.1 million (17%) Australian home owners are considering selling in the next five years and that younger generations are particularly keen to get into the market, with 53% of Gen Z and 31% of Millennials prioritising buying a home during this time.

For more information, or to speak with a housing expert, visit www.westpac.com.au/homeloans

_{¹See Appendix for full data tables - The Likelihood to List model was used to find the top 10 suburbs for house listings in the major markets in Australia}
 
 

Media enquiries

Mary-Louise Dare E: Mary-Louise.Dare@westpac.com.au M: 0434 699 605

Laura Sharkey E: Laura.Sharkey@mapandpage.com.au M: 0422 857 763

ABOUT THE RESEARCH

Westpac Home Ownership Report 2019

The research was commissioned by Westpac and conducted by Lonergan. Research in accordance with the ISO 20252 standard. Lonergan Research surveyed 1,113 Australian Current or Intending Home Owners, aged 18+. Surveys were distributed throughout Australia including both capital city and non-capital city areas. The survey was conducted online amongst members of a permission-based panel, between 17 and 24 September 2019. After interviewing, data was weighted to the latest population estimates sourced from the Australian Bureau of Statistics.

Insight Data Solutions – Westpac Likelihood to List Rankings

The research was commissioned by Westpac and conducted by Insight Data Solutions (IDS). The IDS Likelihood to List model attempts to measure the likelihood of a property listing for sale in the near future. The model was used to find the top 10 suburbs for house listings in the major markets in Australia. The model considers elements such as property type, accumulated equity, tenure in home, overlaid with local market data such as turnover, average time on market and listing sales prices. IDS property data comes from a variety of sources including government information such as the Valuers General, data partners like Domain, and publicly available data such as ABS data and listings data from public portals. Where IDS’s Likelihood to List model predicts between 1-5% of the properties in a given suburb will list for sale within the next six months, which represents the vast majority of suburbs in Australia, the Likelihood to List model has an accuracy exceeding 95% across every Australian capital city.

APPENDIX

Top 10 suburbs where houses are most likely to list in the next six months* by capital city
_{*of the data observation date of 31 July 2019}