Those inner city prestige areas might be seeing big dollar jumps in prices, but the real action is in the outer suburbs and regional areas.
These are the most popular suburbs, based on the number of homes sold over the last 12 months to February, according to real estate analysts RP Data CoreLogic.
Nine out of the ten are in New South Wales or Victoria, the two states which have seen the biggest rises in home prices.
Central Melbourne, where there has been a boom in high rise apartment building in recent years, is being driven by sales of units to investors.
Queensland’s Surfers Paradise came in at number two, selling 1,255 properties in the year to the end of February. That’s a similar story to Melbourne with units and their availability.
Many of the high sales volume suburbs are in regional areas such as Port Macquarie, Dubbo and Orange in NSW, or outer suburbs such as Pakenham, Point Cook, Berwick, Craigieburn and Frankston.
Cameron Kusher, senior research analyst at RP Data CoreLogic, says the activity is mostly concentrated in outer suburbs where new houses are being built at prices more affordable to first home buyers.
“That’s why you are seeing a huge amount of turnover in those markets,” Kusher told Business Insider. “It comes back to supply, areas where you have seen a huge amount of new housing stock over the past five to ten years. Still low prices, the sort of stock first home buyers would be typically targeting.”
Business Insider Emails & Alerts
Site highlights each day to your inbox.