As the Australian property market experiences a surge in new listings, homebuyers are now presented with an exciting array of choices across the country. With listings at their highest level in over a decade, buyers can look forward to more options and potentially better deals, especially in the 30 hottest suburbs identified by recent data from PropTrack. Here’s a closer look at the best areas to invest in 2024.

Melbourne: The Best Suburbs for Buyers

Melbourne has emerged as a standout for property buyers, particularly in the Inner South and Outer East regions. Melbourne’s housing market saw new listings soar by 38%, while unit listings grew by 26%. Key suburbs such as Brighton, Hampton, and Bentleigh saw a dramatic rise in new house listings, with some areas experiencing over a 50% increase in just one month. The South East suburbs, including Caulfield and Carnegie, also saw substantial growth, with listings rising by 64%.

For those searching for more affordable options, the West and Outer East areas, such as Ferntree Gully and Rowville, also saw impressive growth, with new listings up by 47%.

Sydney: Key Areas for Homebuyers

Sydney’s property market has become a hotspot for homebuyers, especially in regions like North Sydney and Hornsby. The Ryde area, including suburbs like Hunters Hill and Cheltenham, experienced a notable 52% increase in new house listings, while the Northern Beaches saw a 44% growth. Areas such as Manly, Freshwater, and Mona Vale also experienced significant month-on-month growth in new listings by 30%.

For buyers looking for units, the North Sydney and Hornsby areas, along with Blacktown, also saw substantial increases in new unit listings.

Adelaide: Rising Listings in the West

Adelaide’s property market saw a dramatic rise in new listings, particularly in the Northern and Western suburbs. The western suburbs, including Henley Beach, Tennyson, and Grange, experienced a 51% growth in new listings, while house listings across metro Adelaide rose by 35%. Buyers interested in more suburban areas will find numerous options, especially in areas like Adelaide – West, where listings jumped by 58%.

While the Adelaide market is cooling compared to earlier in the year, thanks to increased supply and higher interest rates, this may present a great opportunity for buyers to secure a deal.

Brisbane: Key Areas for Buyers

Brisbane continues to attract buyers, particularly in the Inner City and Logan-Beaudesert areas. The Moreton Bay – South suburbs, including Camp Mountain, Bunya, and Mango Hill, saw a 34% increase in listings, while Brisbane Inner City saw a rise of 28%. Both houses and units experienced similar growth rates, with new house listings up by 16% and unit listings by 15%. Suburbs like Mango Hill offer plenty of potential for buyers looking for growing areas with increased supply.

National Overview: A Buyers’ Market

PropTrack’s data reveals a 21% national increase in new property listings from September to October, with Melbourne leading the charge. Across all capital cities and regional markets, the number of available listings has risen, giving buyers more time to make well-informed decisions. Nationally, listings are up 14% compared to last year, providing more options than ever for prospective homeowners.