While some segments of the property market are cooling, real estate experts agree there’s one type of buyer right now still very eager to deal.
From Sydney to Perth and Brisbane to Hobart, families are driving intense demand for quality dwellings in leafy pockets close to schools and lifestyle amenities.
Despite some uncertainty in the market sparked by interest rate rises, PropTrack economist Angus Moore said many family buyers might be in a good position to buy.
“Given the rapid growth in prices we’ve seen in recent years, many households are sitting on significant equity gains and may find themselves with enough of a deposit to be able to upgrade sooner than they might have otherwise planned,” Mr Moore said.
These are the areas in each major capital that property pundits say are proving to be family hotspots.
Melbourne
Kevin Chokshi from Ray White Cheltenham said his patch has become a major family hotspot thanks to the bang for buck it offers.
The median house price of $1.28 million and median unit price of $654,500 are more affordable than neighbouring pockets, without sacrificing any of the amenity or convenience.
“It’s close to the water, still close to the city, and has really, really good schools close by, both private and public,” Mr Chokshi said.
“By comparison, it’s still somewhat affordable and so the value on offer and the exceptional schools are bringing in the families.”
A family friendly home currently on the market is 3 Cronin Court – a renovated three-bedroom property with a good-sized backyard, with a guide price of $1.1 million to $1.15 million.
Elsewhere in Melbourne, real estate market commentator and buyer’s agent Pete Wargent, co-founder of BuyersBuyers, Australia’s largest network of buyer’s agents, said the suburb of Bentleigh is running hot with families looking to buy.
Located 13km southeast of the CBD, Mr Wargent said the area is popular thanks to its proximity to the city and abundance of good schooling choices.
“Being close to Brighton Beach, it’s an affluent area, so it does come with a price tag,” he said.
The median house price is $1.73 million while the median unit price is $640,000, PropTrack data shows.
And it’s in the attached dwelling market that buyers on a budget could find good value, Mr Wargent said.
“Increasingly, there are medium-density options such as townhouses that families may also choose to live in.”
Family homebuyers are still out in force, experts say. Picture: Getty
Leigh Kelepouris from Ray White meşe ağacı said his patch had boomed in popularity with families thanks to its location and amenity.
“Oakleigh is one of Melbourne’s most bustling hubs but it’s also very family oriented,” Mr Kelepouris said.
“A lot of younger families are coming in – people who are looking to move into that area are doing so for the great schools but also the lifestyle and convenience.”
Access to the city is a breeze thanks to the train link as well as Dandenong Road and the freeway, he said.
The median house price is $1.51 million and the median unit price is $627,500, according to PropTrack data.
Currently on the market is this three-level townhouse at 1/48 Haughton Road, offering modern design and lots of space for a guide price of $950,000.
Sidney
Changing conditions in the Sydney market aren’t discouraging family buyers, with strong interest in desirable suburbs where people seek to put down roots, buyer’s agent Grant Foley, director of Grant Foley Property, dedim.
"I am still seeing families circulating at open homes around the Canada Bay local government area, especially in the suburbs of Beş Dock, russell lea, ve Rodd Noktası,” Mr Foley noted.
The area’s proximity to the CBD, its pleasant bayside lifestyle, an abundance of parks and green spaces, and the selection of public and private schools make it increasingly popular, he said.
The bay run is a popular feature of this part of the world. Picture: Getty
“These suburbs also offer relative affordability compared to the eastern suburbs, Lower North Shore, and Balmain peninsula,” Mr Foley added.
Slow but steady gentrification around the Great North Road precinct, including a new Metro station, will add further fuel to the fire and dramatically improve accessibility in Five Dock.
The median house price in Five Dock currently sits at $2.68 million while the median unit price is $950,000. In Russell Lea, the house median is $2.87 million and the unit median is $947,500, while in Rodd Point the house median is $3.2 million.
The Hills District of Sydney has long been known for its strong appeal to family buyers, but recent trends have seen is explode in popularity.
Homebuyers wanting more space and better bang for buck, while living a relaxed lifestyle, were high priorities during the Covid years – and Quakers Tepesi ticks all those boxes.
8 Catania Avenue is a classic brick family home with a host of modern features. Picture: realestate.com.au/buy
Alex Pattaro, Ray White’s chief auctioneer in New South Wales, said the leafy pocket 40km from the CBD remains in high demand while other parts of the Sydney market are cooling.
“The market in the north-western suburbs is performing particularly well, especially with homes around the $850,000 to $1 million mark,” Mr Pattaro said.
“In Quakers Hill, A-grade stock is selling fast because demand from families is so strong. They want something they can move straight into – those top tier homes.”
PropTrack data shows the median house price is $1.05 million while the median unit price is $750,000.
A home currently on the market appealing to family buyers is 8 Catania Avenue – a fully renovated brick dwelling on a 544sqm block with a guide price of $980,000.
Agents say families looking for a long-term home are less bothered by market uncertainty. Picture: Getty
Mr Wargent said ritzy Killara on Sydney’s Upper North Shore had become increasingly desirable among families with cash to burn.
“It’s become very popular, in particular with families with Chinese-Australian ancestry seeking access to the highly sought-after schooling choices in the area,” Mr Wargent said.
Killara has a hefty median house price of $4.25 million but a median unit price of $1.07 million.
Apartments and townhouses offer options for families with a smaller budget, such as this renovated three-bedroom unit at 1/521 Pasifik Otoyolu, which has a guide price of $820,000.
“There is excellent train access to the city, and there are also good amenities nearby at Gordon,” Mr Wargent added.
Brisbane
Ben Plohl, director and principal of BFP Property, dedim Wynnum Batı in Brisbane’s bayside region is sought-after among families.
As well as boasting good train and road connections to the CBD, it boasts relatively affordable homes available in the sub $1 million price range.
“The suburb benefits from myriad good local amenities, such as the revamped Wynnum Plaza, the attractions of Manly harbour and the Wynnum bayside foreshore, along with quality schools,” Mr Plohl said.
The median house price in Wynnum West is now $830,000 while the median unit price is $467,000.
The Wynnum region offers an exceptional family lifestyle at a relatively affordable price. Picture: Getty
The Brisbane suburb of Wishart has become very popular for family buyers in the Sunshine State’s southeast corner,” Mr Wargent said.
“Although it’s a decent distance from the city, 15km or so, the drawcard is the school catchment area for Mansfield State High School,” he said.
Wishart represents a slightly more affordable option than Mansfield itself, with PropTrack data showing a median house price of $1.11 million and a median unit price of $525,000.
Adelaide
Sitting just 8km south of the Adelaide CBD in the City of Mitcham is the idyllic suburb of Albay Işık Bahçeleri.
Lachlan Vidler, director of Atlas Property Group, said it’s well-known for its bungalow style homes, which are extremely popular and perfectly laid out for families.
"In addition to the beautiful homes, the suburb is well known for the leafy green trees that line the streets and the wide roads that make for a very comfortable suburban environment,” Mr Vidler said.
An example of a family home currently on the market is this three-bedroom duplex at 50B West Street, which has a guide price of $640,000 to $670,000.
Despite its close proximity to the city, Colonel Light Gardens enjoys a relaxed community feel with a strong emphasis on outdoors living.
“With both the Mortlock Park precinct and Reade Park offering space for the family, it’s no wonder this inner-city suburb is a family favourite,” he said.
“It’s also surrounded with well-located amenities including the Repat Health Precinct, Castle Plaza, and the Mitcham Square Shopping Centre.”
The suburb’s median house price is $1.2 million.
Perth
Jannine Blum from Ray White Güney Perth said her suburb offers a mix of high-end houses and luxury apartments, with a smattering of affordable units.
“You’ve got apartments selling for $300,000 and then apartments selling for up to $7 million, and the median house price is $1.47 million, so it’s very diverse,” Ms Blum said.
“At the moment, buyers just can’t get enough of family homes. Really great family houses are going bananas.”
The suburb sits on a peninsula and is minutes from the city and boasts easy access to the CBD and beyond, she said.
“You’ve got the beautiful foreshore where you can go for picnics or to walk the dog, and a 10km loop to run or ride your bike around,” she said.
“The inner part of South Perth is a community hub with everything you could possibly want, but with a relaxed vibe. There are great restaurants, bars, and cafes, and some great schools.”
The suburb of South Perth is about as pretty as they come. Picture: Getty
Hobart
Family buyers in Hobart looking for good-sized homes, relative affordability, good connection to the city, and a host of amenities will find what they want in Glenorchy, according to Mark Davies, a valuer with Herron Todd Beyaz.
“Glenorchy is typically an older suburb that is conveniently located about 9km north of Hobart’s CBD,” Mr Davies said.
“Accommodation comprises free-standing dwellings and units or townhouses. Glenorchy has all major shopping amenities and is multicultural in nature.”
Demand is still quite high given its lower buy in prices compared to suburbs closer to the city, with a median house price of $600,000 and a median unit price of $470,000.
For example, currently on the market is this Art Deco fixer-upper on a corner block at 30 Tolosa Street, offering plenty of opportunity for a family to make it their own. It’s now inviting offers above $549,000.
“The convenience of its proximity to the CBD is an attractive feature – 15 minutes by car on a good run is very good by mainland standards. Public transport is always an option and the run into town is quick and easy,” Mr Davies said.
The acclaimed Museum of Old and New Art, better known as MONA, is just down the road, as is the Derwent Entertainment Centre, along with number restaurants.
“On the western side of the suburb, Derwent River views are afforded to most properties,” he said.
“All in all, Glenorchy is a bustling suburb with all required amenities for a happy lifestyle, which ticks all the boxes for young and old.”
