New housing data reveals demand for property in Sydney is significantly down, interest in Hobart and Canberra is soaring, and first homebuyers are maintaining their place in the market.
The figures, from realestate.com.au's Property Outlook report, show demand in Sydney is down 25.4 percent year-on-year for all homes, with the median price for homes at $890,000 and apartments $709,000.
"The capital city most challenged right now is Sydney, where we are seeing drops in demand like we saw in Perth at the end of the mining boom," chief economist at realestate.com.au Nerida Conisbee said.
"High prices are having a big impact on buyer activity and the decline in prices is likely to continue during the first half of this year."
While high prices are pointed to as the cause for the drop in demand, Ms Consibee said Sydney wouldn't see the same dramatic fall in prices as was seen in Western Australia.
"While the decline in demand may be similar to what we saw in Perth at the end of the mining boom, we shouldn’t expect to see a similar crash in our biggest city," she said.
"The Sydney economy is performing well, and people aren’t losing their jobs, so any drops in price won’t be as significant as what the West experienced."
While plummeting demand is bad news for those looking to sell, the outlook is better for those looking to enter the market for the first time.
The most in-demand suburbs in Sydney for houses are the beachside spots Freshwater, North Narrabeen and Bronte. Artarmon and Annandale led the list for apartments.
The strongest increase in buyer demand came in Hobart, which had a year-on-year demand increase of more than 48 percent.
THE TOP 10 MOST IN-DEMAND SUBURBS REVEALED
More than half of the country's top 10 most in-demand suburbs are Hobart.
Melbourne has seen median prices dip slightly in the last quarter, but still up more than 8 percent from last year.
Ms Consibee said prices will stabilise and grow in the first half of the year, with the other half of the most in-demand suburbs in Australia found in Melbourne.
Warrandyte, in Melbourne's north-east, topped the in-demand list, followed by Bellerive and South Hobart in the Tasmanian capital.
Demand and median pricing in Brisbane was flat, with the inner suburbs the most popular for buyers. Paddington topped the list, followed by Windsor.
Parkside and Windsor were the most in-demand for Adelaide, where prices were slightly up year-on-year.
Demand in Canberra skyrocketed more than 27 percent, with the median property price up 12.5 percent to $596,000.
For the first time since 2013, demand from Perth is consistently up at 7 percent from last year – but median prices are down again.
Shenton Park is still the most in-demand suburb for those in the market for a house.
The report comes amid news that first homebuyers are maintaining their toehold in the property market.
People getting on the housing ladder for the first time made up 17.9 per cent of loans granted in February compared with 18 per cent in January, a tight range that has been in place since November, new Australian Bureau of Statistics figures showed today.
The figure is at a five-year high and is comfortably above the 12.9 percent reached in March 2016.
"From the perspective of getting first home buyers into the market, the NSW and Victorian state governments' stamp duty incentives are working a charm," ANZ senior economist Daniel Gradwell said.
However, it remains well shy of the peak in May 2009 when nearly a third of loans went to first-time buyers.
© Nine Digital Pty Ltd 2018
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