A Melbourne suburb has experienced the most growth in interest from buyers over the past year, as buyers see Sydney property as increasingly unattainable.
According to realestate.com.au’s Top Sellers’ Markets, Montmorency in Victoria has seen the biggest growth in interest from buyers across Australia over the past year. But while Montmorency has shown the most growth since last year, four other Victorian suburbs have attracted major interest from buyers this quarter, with inner city areas and spots located in the east most popular.
However, Freshwater in New South Wales topped the national list, followed by other North Shore areas Willoughby and Thornleigh, which are located slightly towards the west. South Penrith comes in tenth spot highlighting that Sydney’s west is also attractive to buyers. Completing the list is Unley, South Australia, in second spot.
Nigel O'Neil, managing director and CEO at Hocking Stuart says Victoria’s population is growing at a rapid rate which is influencing the property market.
“While low interest rates have ignited interest in property Australia wide, the Victorian market has experienced especially strong growth off the back of an increase in population, subsequent demand for housing and limited supply,” he said.
“This demand coupled with the fact that property in Melbourne is more attainable than in Sydney, and that Melbourne has exhibited moderate capital growth over the past decade, are key incentives for buyers in Victoria.”