Property searches are increasing despite high borrowing costs and rising home prices. Over the past year, many suburbs have seen a significant jump in search volume.
Property search hotspots emerging in cities,
According to PropTrack’s September Home Price Index, national home prices have increased for 21 consecutive months, reaching a new peak.
In the last 12 months, prices have risen by 5.7%, highlighting a significant upward trend in the housing market.
Although interest rates are currently at their highest level in 12 years, buyer demand remains strong due to various factors.
Specifically, strong population growth, limited rental availability, and rising home equity gains are all contributing to this ongoing demand.
Annual population growth has exceeded 2% since December 2023, while rental vacancies have remained at a low 1.3%.
As rent prices continue to rise and rental supply approaches record lows, competition for rentals has significantly increased.
Consequently, many individuals may be considering home ownership as a preferable option over renting their living spaces.
The effects of these factors are clear when examining the growth in property searches on realestate.com.au.
In fact, searches in the “buy” section are 7% higher compared to September 2023, indicating rising interest in home ownership.
In certain suburbs, search activity has increased even more significantly, highlighting a surge of interest in these specific areas.
Tallawong, Blaxlands Ridge, and Kurraba Point recorded the highest increases among all Sydney suburbs in the past year.
Searches for these suburbs rose by 63%, 42%, and 40%, respectively, showing notable growth in buyer interest.
The newly opened metro line in Sydney is likely contributing to the increased interest in Tallawong, attracting more potential buyers.
In Melbourne, Koo Wee Rup, Dallas, and Lang Lang East experienced the largest increases in search activity over the same period.
Compared to September 2023, “buy” searches in these areas were 112%, 48%, and 44% higher, respectively, indicating rising demand.
In Brisbane, Beaudesert saw an impressive 87% increase in searches, reflecting strong buyer interest in that suburb.
Additionally, Boonah and Woodford also experienced notable rises, with both suburbs recording a 73% increase in property searches.
Top 3 suburbs with the biggest search increases per capital city.
| Suburb | City | % change in searches |
| Tallawong | Sydney | 63% |
| Blaxlands Ridge | Sydney | 42% |
| Kurraba Point | Sydney | 40% |
| Koo Wee Rup | Melbourne | 112% |
| Dallas | Melbourne | 48% |
| Lang Lang East | Melbourne | 44% |
| Beaudesert | Brisbane | 87% |
| Boonah | Brisbane | 73% |
| Woodford | Brisbane | 73% |
| Gawler Belt | Adelaide | 70% |
| Roseworthy | Adelaide | 70% |
| Gawler | Adelaide | 67% |
| Upper Swan | Perth | 54% |
| Wooroloo | Perth | 50% |
| Bullsbrook | Perth | 37% |
| Huntingfield | Hobart | 23% |
| Kingston Beach | Hobart | 21% |
| Brighton | Hobart | 20% |
| Durack | Darwin | 20% |
| Moulden | Darwin | 20% |
| Tiwi | Darwin | 18% |
| Gilmore | Canberra | 67% |
| Stirling | Canberra | 67% |
| Jacka | Canberra | 64% |
Gawler Belt, Roseworthy, and Gawler experienced the highest growth in search activity in Adelaide, showing significant increases.
There were 67% to 70% more “buy” searches compared to a year ago, highlighting strong interest in these suburbs.
In Perth, search activity for Upper Swan, Wooroloo, and Bullsbrook increased by 54%, 50%, and 37%, respectively.
These increases represent the highest search growth among all suburbs in the city, indicating rising demand for housing.
Demand for housing is likely to remain strong in the near future, driven by ongoing population growth and tight rental supply.
Additionally, the anticipated decline in interest rates, expected early next year, should further boost buyer demand in the market.
As household borrowing power increases, housing affordability is expected to improve, encouraging more buyers to enter the market.
These favorable market conditions could lead to even greater increases in search activity from prospective home buyers.
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