The Australian property market heated up across all east coast States in September.
Sydney’s western suburbs shone through with Oran Park, Austral, and Penrith leading the charge, while first-time buyers surged, signaling a dynamic shift in real estate trends.
Victoria’s property market resembled a competitive footy finals race. Melbourne, Tarneit, and Werribee slipped in rankings but stayed in the top 10 suburbs. Point Cook surged to first, and South Yarra entered the top 10.
In Queensland, Morayfield continues its dominance, leading in property sales for consecutive months (August and September). Kallangur dropped off the rankings, replaced by Yarrabilba in second place. Caboolture maintains a robust third position consistently.
NSW Property in the west as hot as the sun
As Sydneysiders sweltered under the city’s highest Spring temperatures in 57 years, the property market was packing heat of its own in September.
Near 35 degree on September 19 – the highest since 1965 – was matched only by the property sales performance in the harbour city’s western suburbs of Oran Park, Austral and Penrith. The headed the top 10 list.
Buyers were most definitely heading west last month. Nearby Blacktown, Campbelltown and Oakville also had a strength.
But the darling of the west appears to be Oran Park. The suburb was in the top 10 for average home price sales, and in the numbers of properties transacted for the month.
More broadly, we see a trend of more first-home buyer entering the market, up 10 per cent from same time last year.
The average price of properties across the state also rose around 12 per cent from $1.054m in Sept 2022 to $1.186m in Sept 2023.
NSW Hottest Suburbs
The suburbs where most property was bought in September 2023 (percentage not available).
- 2765 – Oakville
- 2145 – Pendle Hill
- 2148 – Blacktown
- 2560 – Campbelltown
- 2155 – Kellyville
- 2259 – Wyong
- 2570 – Oran Park
- 2320 – Maitland
- 2430 – Taree
- 2179 – Austral
Victorian Suburbs tussling for position in the rankings
Victoria’s property sales performance rankings looked more like a footy finals race in September with several consistent runners dropping a few spots last month.
Melbourne, Tarneit and Werribee fell a few places from August, but still remain in the top 10 suburbs where most property was bought.
Point Cook jumped from fifth to first month-on-month, while South Yarra makes the top 10 for September, but were nowhere to be seen in August.
VIC Hottest Suburbs
The suburbs where most property was bought in September 2023
- 3030 – Point Cook – 14%
- 3064 – Craigieburn – 12%
- 3029 – Tarneit – 12%
- 3000 – Melbourne -11%
- 3030 – Werribee – 11%
- 3978 – Clyde North – 10%
- 3844 – Traralgon – 9%
- 3073 – Reservoir – 8%
- 3136 – Croydon – 7%
- 3141 – South Yarra – 7%
The hits keep on coming for Morayfield
Morayfield remains strong, topping the chart for most properties sold for two months running (August and September).
Meanwhile, Kallangur which came in second in August, was nowhere to be seen in September. Instead Yarrabilba claimed the second spot last month.
Caboolture remains strong, staying in third place month on month.
QLD Hottest Suburbs
The suburbs where most property was bought in September 2023
- 4506 – Morayfield – 14%
- 4207 – Yarrabilba – 11%
- 4510 – Caboolture – 11%
- 4133 – Logan Reserve – 10%
- 4215 – Southport – 10 %
- 4509 – North Lakes – 10%
- 4306 – Ripley – 9%
- 4000 – Brisbane City – 9%
- 4124 – Greenbank – 8%
- 4305 – Raceview – 8%
Overseas investment
Which countries invested in the Australia property market for the first time in September 2023.
- India – 8.5%
- Nepal – 3.96%
- China – 3.69%
- New Zealand – 1.86%
- United Kingdom – 1.67%
- Vietnam – 0.8%
- Philippines – 0.74%
- South Korea – 0.71%
For more insights and trends on the state of Conveyancing in Australia, download your copy of the Australian Conveyancer digital magazine.
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