Best areas for buyers across Australia 2023

Data shows that houses in Hobart, Canberra, Melbourne and Sydney are staying on the market longer compared to October 2021
Units are staying on the market longer compared to October 2021 in Hobart, Melbourne, Perth and Sydney
Nonetheless, in all cities, except Hobart, properties are selling much faster than before the pandemic

With house prices sliding – CoreLogic data has revealed that house prices so far have declined by over 10% nationally since peaking earlier in the year – buyers have a better opportunity than previously to snap a bargain

Data from Domain shows suburbs where buyers have a better chance of beating out the competition, thanks to longer days on the market.

“Days on market is a good indication of the balance between supply and demand of property,” said Dr Nicola Powell, Domain’s Chief of Research and Economics.

“While the days on market have gone up compared to this time last year we need to remember that there was extraordinary demand last year, creating high levels of competition and pushing down days on market.”

Nicola Powell, Domain

“While increasing interest rates and inflation have tempered demand, the current days on market are still lower than the previous five-year average for this time of year (apart from houses in Hobart).

“Many sellers can expect a sale provided they are meeting market price expectations.”

Average days on market down

The data noted that houses in Hobart, Canberra, Melbourne and Sydney are staying on the market longer compared to October 2021.

This suggests there is less buyer competition, therefore buyers can take their time and not be pushed into a decision.

However, on the flip side, houses in Brisbane, Adelaide, Darwin and Perth have decreased in average days on the market annually.

Days on the market

HOUSES
	Canberra	Adelaide	Brisbane	Darwin	Hobart	Melbourne	Perth	Sydney
Oct-19	84	111	93	168	45	79	142	83
Oct-20	71	118	104	214	52	93	131	71
Oct-21	33	76	53	119	18	49	69	36
Oct-22	51	63	49	106	50	56	55	54
UNITS
	Canberra	Adelaide	Brisbane	Darwin	Hobart	Melbourne	Perth	Sydney
Oct-19	105	152	137	273	55	94	151	97
Oct-20	114	164	138	372	55	98	147	78
Oct-21	69	107	87	188	32	82	79	66
Oct-22	49	74	55	125	44	86	90	72

Source – Domain

Units are staying on the market longer compared to October 2021 in Hobart, Melbourne, Perth and Sydney. Units in Canberra, Adelaide Brisbane and Darwin have decreased in average days on the market annually.

In all cities, excluding houses in Hobart, properties are still nonetheless selling much faster than before the pandemic reached our shores in March 2020.

Best areas and suburbs for buyers across New South Wales 2023

In New South Wales, there is a mix of great buyer opportunities for different demographics and lifestyle needs across the state.

Units in Sydney Inner City, Parramatta, Ryde – Hunter Hills, Canterbury and Canada Bay are recording longer times on the market.

In terms of the house market, popular travel destinations such as the Snowy Mountains, Pittwater, South Coast and Shoalhaven are all spending some of the longest time on the market.

Best areas and suburbs for buyers across Victoria 2023

In Victoria, inner city areas of Melbourne currently present good opportunities due to the return of international students, permanent migrants and tourism. Buyers should look for units in Essendon Maribyrnong and Brunswick. In Melbourne City, buyers should look for both houses and units.

Best areas and suburbs for buyers across Queensland 2023

In the Sunshine State, there is great potential for houses in popular travel destinations such as Port Douglas – Daintree, Gold Coast Hinterland, Whitsunday and units in Noosa.

Best areas and suburbs for buyers across South Australia 2023

The Domain data showed that Walkerville, one of the most affluent areas in Adelaide, is seeing properties on the market for longer, about 3.3% more than last year. Both units and houses in Adelaide City are spending much longer time on the market compared to surrounding areas.

Best areas and suburbs for buyers across Western Australia 2023

In WA, regional areas including houses in the Wheatbelt, Esperance, Mid West and East Pilbara are all spending some of the longest times on the market.

Best areas and suburbs for buyers across the Australian Capital Territory 2023

The data shows that houses in North Canberra, Woden Valley and Tuggeranong have increased their days on market compared to last year. This indicates slightly eased competition for buyers.