Melbourne suburbs where people are most likely to list their home for sale: Westpac

Budding buyers struggling to break into the market should consider these postcodes, with owners forecast to list in droves.

Pakenham family Stacey and Mike Gadway with their kids, Henry (4) and Oliver (2). Picture: Jake Nowakowski

Budding buyers struggling to break into Melbourne’s sizzling housing market should have Pakenham, Beaconsfield and Officer on their radar.

The trio have been revealed as the city’s top areas where homeowners are most likely to list houses in the next six months, according to Westpac research provided exclusively to the Sunday Herald Sun.

Other affordable outer suburbs including Lynbrook-Lyndhurst, Cranbourne, Frankston North, Berwick and Carrum Downs have also been touted as future havens for those seeking houses.

For would-be unit buyers, Kilsyth, Mooroolbark, Brunswick East, Bentleigh and Altona North were the top markets to watch.

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No. 4 Gardenia Street, Pakenham, is for sale.

The suburb has been named as one of the most likely area’s people will list a home for sale in the next six months.

The four-bedroom property has a lot of space.

Westpac managing director of mortgages Anthony Hughes said there were signs more homes would be coming up for sale in Melbourne, where high demand and low supply had collided in recent months to create a seller’s market and boost prices.

More than 1500 properties were due to go under the hammer in the past week alone – the largest weekly volume ever seen in winter.

“Total listings across the country are down 24 per cent on the five-year average – but fresh listings in May were up close to 15 per cent on the five-year average,” he said.

“That plays into potentially good news for buyers.

“The pandemic has seen many expats return from overseas and also a supply shortage, particularly of freestanding housing.

“While there have been some good government incentives, we really need to do more on the supply side to make sure housing stock keeps pace with demand.”

The Westpac research found of the Victorian homeowners considering selling, one in 10 were looking to list within the next year.

Stacey and Mike Gadway have just listed their family home in Pakenham to go travelling around Australia. Picture: Jake Nowakowski

The suburbs the major bank identified as most likely to have a boost in listings could be appealing to first-home buyers and others who had reached “affordability constraints”, Mr Hughes said.

Ray White Pakenham agent Leanne Garrett added there was a “buzz” in the local market from both buyers and sellers.

“A lot of people are wanting to up and sell and move interstate. And if not that, a lot of them are wanting to move to the country,” she said.

“Then the ones that are wanting to come in, they might have been renting in the city, and they can now come and get into the market.

“There’s definitely a buzz – obviously prices have gone up everywhere and I think people are finding they’re getting more for their money in Pakenham.”

Stacey and Mike Gadway recently listed their 4 Gardenia St, Pakenham, home with a $720,000-$780,000 price guide, to go tripping around Australia with their children, Henry, 4, and Oliver, 2.

And it has a reasonable asking price of $720,000-$780,000.

Plenty of room for entertaining friends and family.

The property also has two bathrooms.

And enough room for a shed, pool and trampoline.

Ms Gadway, who grew up in the area, said they loved the suburb’s space and community feel, which had become more apparent during the Covid-19 pandemic.

“We loved that it still had a good-sized block, it’s a smidge under an acre (at 904sq m),” Ms Gadways aid.

“You can have a pool out the back but enough room to have a vegie patch, a big shed, a trampoline and still a whole heap of grass area, too.

“It has a great front yard but also a big backyard and it’s still a very big house.”

She said they had always planned to list the property this year, but the hot market meant “everything is working out in our favour”.

In regional Victoria, Morwell, Ararat and Mildura South are expected to see a rise in house listings while Ballarat South, Ballarat North and Highton are tipped to see a boom in units coming to market.

The findings were produced for Westpac by Insight Data Solutions and considered elements such as property type, accumulated equity and tenure in home, as well as local market data such as turnover, time on market and difference between listing and sale prices.

TOP 10 LIKELY TO LIST SUBURBS

MELBOURNE – HOUSES

1. Pakenham

2. Beaconsfield

3. Officer

4. Lynbrook/Lyndhurst

5. Cranbourne

6. Frankston North

7. Berwick

8. Carrum Downs

9. Williams Landing

10. Narre Warren

REGIONAL – HOUSES

1. Morwell

2. Ararat

3. Mildura South

4. Horsham

5. Benalla

6. Hamilton

7. Moe/Newborough

8. Portland

9. Alfredton

10. Wangaratta

MELBOURNE – UNITS

1. Kilsyth

2. Mooroolbark

3. Brunswick East

4. Bentleigh

5. Altona North

6. Carrum Downs

7. Braybrook

8. Boronia

9. Rowville

10. Hampton Park

REGIONAL – UNITS

1. Ballarat South

2. Ballarat North

3. Highton

4. Ocean Grove/Barwon Heads

5. Corio/Norland

6. Warrnambool North

7. Mildura North

8. Geelong West/Hamlyn Heights

9. Newcomb/Moolap

10. Grovedale

** Data according to Westpac and Insight Data Solutions (IDS)**

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Originally published as Melbourne suburbs where people are most likely to list their home for sale: Westpac