Victoria Dominates Australia’s Most In-Demand Property Markets This Winter

Amid the colder months, Victoria continues to dominate Australia’s property market as active buyers surge in numerous suburbs, especially those in middle and outer metropolitan areas of the capital city, Melbourne. Reports by property analysts, Rowan Crosby and Tamika Seeto reveal the latest findings by PropTrack, shedding light on the winter 2023 property market’s most sought-after regions.

As stated by Crosby in his article “Australia’s top 10 most in demand suburbs this winter,” Berwick, an outer south-eastern suburb of Melbourne, led the list with a striking 41,860 highly engaged buyers on realestate.com.au over the past year. Buderim, an urban centre on Queensland’s Sunshine Coast, followed closely with 38,452 highly engaged buyers. The Victorian dominance continued with Kew, in inner-city Melbourne, drawing 33,229 highly engaged buyers.

In terms of the unit market, Melbourne recorded the highest engagement with 74,890 active buyers, followed by Surfers Paradise in Queensland, which pulled in 51,659 active buyers. Other Victorian regions such as South Yarra, St Kilda, Richmond, Southbank, and Hawthorn also saw a significant number of active buyers, underscoring the state’s strong appeal for unit buyers.

Economist Anne Flaherty from PropTrack suggests the high level of engagement in Victoria is driven by several factors. “Victoria accounted for nine of the top 10 most highly engaged suburbs for houses and six of the top 10 for units,” Flaherty explains, as quoted in both articles. “Suburbs seeing the most engagement among those looking to buy a house are typically located in middle and outer metropolitan areas of capital cities.”

Flaherty further emphasizes the role of lifestyle factors and scenic appeal in these suburbs’ popularity. “Across all states, the suburbs seeing the most engagement from buyers are typically located in scenic areas that combine high levels of liveability with excellent amenity. Standout regions include Sydney’s scenic Northwest, Melbourne’s Outer East and Mornington Peninsula, and Queensland’s Gold Coast,” she observes.

In Seeto’s “Hot property: Australia’s most in-demand suburbs”, it’s noted that demand for units isn’t solely constrained to scenic locales. Inner-city areas are experiencing a significant surge in interest as well. Flaherty elaborates, “When it comes to the suburbs seeing the highest level of engagement for units, inner city areas dominate, with the Melbourne, Brisbane, and Adelaide central business districts all making the national top 10.”

Winter traditionally sees a lull in property market activity, but this trend appears to be bucking. As Crosby quotes Flaherty, “Winter is typically a quieter season for the property market. But clearance rates in June were higher than the lows seen late last year, and auction volumes are staying in line with last year’s levels.”

With Victoria’s nine of the top ten most in-demand suburbs and six of the top ten for units, this winter paints a picture of a thriving property market. With a mix of scenic locales and bustling city centers, Victoria’s property landscape offers a diverse range of options for prospective buyers, thus driving its popularity.

For more details on the top in-demand suburbs and units, please refer to the original articles by Rowan Crosby and Tamika Seeto.

References:

Crosby, R. (2023, June). Australia’s top 10 most in demand suburbs this winter. Article retrieved from website. https://thepropertytribune.com.au/market-insights/australias-top-10-most-in-demand-suburbs-this-winter/ 

Seeto, T. (2023, June). Hot property: Australia’s most in-demand suburbs. Article retrieved from website. https://au.finance.yahoo.com/news/hot-property-australias-most-in-demand-suburbs-005233404.html