Some of the most in demand areas in Australia can be found in Melbourne, a recent study by realestate.com.au reports. In fact, half of the top 10 most in demand comprises of suburbs located in Melbourne. While the top spot still belongs to Leafy Warrandyte according to listing websites, Victoria experienced a large increase in terms of demand especially these past couple of years. This was mainly because more buyers are choosing for more affordable houses or properties. And indeed, they found it in Melbourne.
Other areas in Melbourne that experienced growth in demand include Ballarat with over 62 percent in growth. Another is Warnambool with about 58 percent in demand growth, and Greater Geelong has 56 percent demand growth. These regional cities are expected to experience price increase all throughout the year, especially because more and more people want choose to buy affordable homes. It is also said that the demand in the area is mainly because of the lower stock levels experienced in Australia. However, the stock level condition is temporary and is expected to rise again in the next several weeks.
The result of this study was based on the views gathered against the property listings on the website. And although Sydney and Melbourne are still profitable, many people go for Ballarat because of its affordability. For $600,000 the area can already give a family a four-bedroom home, which is not a bad thing at all. If you’re lucky, you would be able to find homes ranging from $200,000 to $400,000.
In the past, the properties that sales of properties come from areas like Diamond Valley. But right now, more sales are coming from areas like Thornbury, Northcote, and Brunswick, and other eastern suburbs like Templestowe, Doncaster, and Bulleen. The rest of the most in demand areas for all property types come from Tasmania such as Battery Point, Hobart, West Hobart, and South Hobart. While some of the most in demand units come from areas in Victoria such as Parkdale, Mt Eliza, Sydenham, and Bayswater North.
When it comes to offshore investment, Victoria tops the list as the most in demand for investors coming from the Asia Pacific region. In fact, Victoria even topped Sydney as the most preferred location, mainly because Melbourne’s reputation for being the most attractive city because of the strong rental growth in the area. We can say that Melbourne is definitely where most investors would like to invest their money and time these days.