Melbourne’s most searched suburbs for buyers and renters
Buyers took the chance to upgrade during the downturn, with blue-chip suburbs in demand, but it was one western suburb that was a top 10 favourite of both buyers and renters. See the lists.
Victorians splashed their cash on blue-chip suburbs in 2019.
A-grade areas including Toorak, Brighton, Richmond and South Yarra were some of the most popular spots with buyers this year.
Toorak jumped into realestate.com.au’s 10 most-searched suburbs, while affordable areas Pakenham and Werribee fell off the 2019 list after being there last year.
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The website’s chief economist Nerida Conisbee said buyers had taken advantage of price drops caused by the downturn.
”It’s quite different to where we were two years ago, when we were seeing more affordable locations like Briar Hill, Montmorency and Seville coming up,” Ms Conisbee said.
“What’s happening is that prices have come down and people can get cheaper finance, so they see it as an opportunity to get into those markets before they really start to roar ahead again.”
Richmond was the city’s most popular suburb, with an average of 8746 views per house listing. Prices dropped 7 per cent to a $1.21 million house median in the hot postcode during the past 12 months, realestate.com.au data shows.
Toorak house prices dropped 25 per cent to a $3.15 million median and Brighton also fell 14.4 per cent to $2.314 million.
Ms Conisbee said there were “bargains” on the market before the federal election.
Berwick was one of Melbourne’s most in-demand suburbs farther out of town, with an average of about 3300 views per listing. Sunbury and Mt Eliza followed closely behind.
Point Cook also made the list and was Melbourne’s most popular outer suburb for renters.
Barry Plant Point Cook director Tony Skrekovski said improved infrastructure had made the western suburb a top spot.
“There are even more plans in place for large-scale development,” Mr Skrekovski said.
“My feeling is there’s a lot of growth in property values to come in the next 12 months, because demand is going to continue.”
Advantage Property Consulting director Frank Valentic said investors and expatriates had returned to the market.
“Upsizing families were definitely in the hot seat during the first half of the year before the federal election, but now the market is going back up,” Mr Valentic said.
“If you were smart you would have gotten in earlier, because it’s a totally different market now and it’s back to favouring sellers.”
Happening inner-suburban havens South Yarra, St Kilda and Brunswick were the most sought-after suburbs for renters outside the CBD.
Tenants also frequently searched in Geelong and Frankston.
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MOST SEARCHED SPOTS FOR BUYERS
1. Richmond
2. Melbourne CBD
3. Berwick
4. Sunbury
5. Mornington Peninsula
6. Brighton
7. Toorak
8. South Yarra
9. Mt Eliza
10. Point Cook
MOST SEARCHED SUBURBS FOR RENTERS
1. Melbourne CBD
2. South Yarra
3. St Kilda
4. Brunswick
5. Geelong
6. Hawthorn
7. Docklands
8. Point Cook
9. Frankston
10. Southbank
Source: realestate.com.au
Originally published as Melbourne’s most searched suburbs for buyers and renters