Victoria’s most in-demand suburb revealed, up to 480 buyers per house
The most in-demand suburbs across the state where houses are attracting hundreds of competing buyers have been revealed.
New PropTrack data showed Kangaroo Ground, 26km northeast of the CBD, was the most in demand for houses, with up to a whopping 484 buyers battling for each listed property.
Barry Plant Eltham agent Nathan Foley said he saw a large influx of inner Melbourne buyers seeking a lifestyle property in Kangaroo Ground after being priced out of areas such as the Mornington Peninsula.
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“And with this being a gateway to the Yarra Valley, and with the train line to Hurstbridge being upgraded, it’s driving a lot of people from the inner east and north,” Mr Foley said.
“If you’re looking at Mornington Peninsula suburbs like Merricks or Red Hill you can’t get anything on a decent amount of land for less than $5m, but in Kangaroo Ground you can buy something really nice at about $3m.”
He added there was a lack of housing stock in the town, which kept it in high demand.
Jellis Craig Eltham director Chris Chapman also noted buyers were attracted to its proximity to the city while still enjoying a country lifestyle.
“The trend has been families moving out here as they don’t have to commute as much to work anymore,” Mr Chapman said.
Also in the northeast, Gruyere had as many as 376 buyers per listing, while Belgrave South also ranked highly with 363 buyers.
Some suburbs even saw more than 100 buyers for units, such as Croydon South (184), Seaholme (177) and Albert Park (168).
PropTrack economist Anne Flaherty said for houses, the suburbs seeing the highest number of potential buyers per listing had a few things in common.
“They’re typically in leafy green outer areas or along the Mornington Peninsula,” Ms Flaherty said.
“What’s clear is that the increased demand for lifestyle suburbs that emerged during the pandemic remains prevalent. Unsurprisingly, buyers looking for units are searching closer in.”
However, she said the suburbs seeing the highest ratio of property seekers to sellers tended to be in the city’s middle ring and spread across Greater Melbourne.
“In suburbs where buyer demand remains high, relative to the supply of properties for sale, we are seeing more price resilience despite the impact from rising interest rates,” Ms Flaherty added.
VICTORIA’S MOST IN DEMAND SUBURBS
Rank, suburb, potential buyers per listing
1. Kangaroo Ground, 484
2. Gruyere, 376
3. Belgrave South, 363
4. Warrandyte South, 314
5. Sassafras, 296
6. Merricks North, 288
7. Red Hill South, 269
8. Arthurs Seat, 256
9. East Melbourne, 251
10. Red Hill, 250
1. Croydon South, 184
2. Seaholme, 177
3. Albert Park, 168
4. Caulfield East, 150
5. Huntingdale, 146
6. Chelsea Heights, 145
7. Briar Hill, 143
8. Essendon West, 137
9. Aspendale Gardens, 135
10. Gardenvale, 134
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