Australia's most in-demand suburbs
The current demand for homes in Australia has made some suburbs highly desirable - and this could lead to new opportunities for those considering buying a house or investing in property.
As the population grows and more people attempt to enter the real estate market, demand in certain areas is beginning to outpace supply.
"New population demand has been for around 825,000 dwellings but only 760,000 houses have been built in the past five years," HSBC Chief Economist Paul Bloxham told Business Insider Australia.
"Australia has an undersupply of housing, not an oversupply."
With demand increasingly strong, now may be the time for Australian families to break into the market and make an investment on a property. According to RP Data's March Hedonic Home Value Index Results, homes in Australian capital cities had a 2.3 increase in value in March, with Sydney and Brisbane experiencing a month-over-month jump of 2.8 per cent and 2.9 per cent, respectively.
Tim Lawless, RP Data research director, noted that 50 per cent of Australia's capital cities posted record-high values, and this is especially prevalent in certain markets.
"Sydney dwelling values are now 15.8 per cent higher than their previous peak, substantially more than Melbourne where dwelling values are 4.7 per cent higher than their previous peak," he said.
"Perth and Canberra values have risen to be 2.9 per cent and 1.2 per cent higher than their previous high point, respectively."
The most popular suburbs
According to realestate.com.au, certain suburbs top the list when it comes to available dwellings and the number of buyers interested.
In New South Wales, Balgowlah, Frenchs Forest and Cherrybrook topped the list for the most in-demand suburbs. Balgowlah was also the most popular suburb nationally, with demand increasing substantially.
Victoria saw enormous demand for high-quality properties in Albert Park, Fitzroy North and Ormond.
Holland Park led the pack in Queensland, thanks to its ideal location, strong schools and lively atmosphere. It was followed by Stafford Heights and Mansfield.
Southern Australia's list was topped by Norwood, which attracts residents of all ages and backgrounds, Brighton and Burnside.
Leanyer, Howard Springs and Karama were the most desirable spots in the Northern Territory, while Western Australia saw strong demand in Mount Hawthorn, Leederville and Karrinyup.
First-time buyers who seek to purchase a house in one of these popular areas may face competition to find the home of their dreams, but with persistence, can invest in the right property.