Yahoo Finance Australia’s top 10 most in-demand suburbs for property
Australia’s 10 most in-demand suburbs for property have been revealed, and you might be surprised which areas make the list.
While Tasmanian suburbs were recently highlighted as the areas where property sold the fastest, new data from realestate.com.au has shown that the most popular areas in the last three months are actually spread throughout Victoria, South Australia, Tasmania and New South Wales.
Here are the most in-demand suburbs in the December 2018 quarter:
Middle Park, VIC
Battery Point, TAS
Aldgate, SA
Crafers West, SA
Collaroy Plateau, NSW
South Hobart, TAS
Belair, SA
East Geelong, VIC
Killarney Heights, NSW
Red Hill, VIC
Melbourne and Sydney have been earmarked to fall 6 per cent and 3.3 per cent this year – even off the back of a 7 per cent and 8.9 per cent drop in 2018 respectively.
But the latest figures show some suburbs are bucking city-wide trends.
“We are seeing a number of Melbourne suburbs with very high views per listing,” realestate.com.au chief economist Nerida Conisbee said.
“Middle Park and Red Hill are even making the national list, a position usually reserved for suburbs in strong performing markets.”
Outside of the metropolitan area, regional Victoria is “booming,” Conisbee added.
“Ballarat, Geelong and Latrobe Gippsland are currently the strongest regional areas in Australia.”
And Adelaide is “defying the odds,” she added, with the city’s median price hitting the highest level recorded and no region seeing any declines. The three Adelaidean suburbs are found on the most in-demand list are all in the Adelaide Hills.
“Last year, Hobart saw its first $1 million suburb, with Battery Point hitting $1.34 million… it was also the second most in-demand suburb in Australia, suggesting that this price growth will continue,” Conisbee concluded.
Most in-demand suburbs by capital city
Middle-priced suburbs in Sydney will be hit hardest, with expensive and cheaper suburbs holding up decently. “While conditions are tough, it does need to be put into perspective,” Conisbee points out, given prices in Sydney have nearly doubled in ten years.
“This extreme level of price growth was unsustainable and particularly problematic for first home buyers. The declines in prices are not bad news for everyone.”
While Melbourne will see a fall in property prices this year, regional Victoria is “booming”, with regional cities close to Melbourne doing particularly well.
The second-strongest market in Australia is set to see greater buyer and renter demand thanks to a change in government which will result in more jobs.
City-wide, Perth is seeing price falls – but some in-demand suburbs are still recording increases, such as beachside suburbs (Cottesloe, City Beach) and inner west suburbs (Shenton Park).
The inner city is faring best with a 2.2 per cent rise in prices. While it typically wouldn’t be much to get excited about, it’s virtually a boom compared to Sydney and Melbourne.
Adelaide has seen its first $2 million suburb, Medindie, with Unley Park to follow in the next few months. Housing demand has been partly driven by jobs growth, such a new space agency and submarine construction.
Hobart is set to see price growth this year, with its first $1 million suburb (Battery Point) the second most in-demand suburb in the nation.
Darwin’s long-term slump shows no signs of abating – any recovery has been “completely derailed” by the Royal Commission. However, premium property – such as in the city’s most expensive area of Fannie Bay – is seeing double digit price growth.
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