When it comes to investing in valuable real estate, location is everything.
Now that Melbourne is finally facing a market turnaround, it’s important for locals to consider their options for neighbourhoods carefully. The suburb that you choose to create your home in today could make or break your chances of a profit in the future.
Fortunately, realestate.com.au has recently revealed the suburbs in Melbourne that have achieved the highest popularity levels with locals since the election results. According to the report, Burwood, Melbourne, and Richmond have the highest number of searches among real estate websites since the polls this May (2019). Additionally, the suburbs within 10km of the CBD are the ones that dominate the top 20, with people flocking to places like Burwood, South Yarra, Hawthorn, Kew, Preston, and Brunswick.
Where People Want to Live in Melbourne
Although locations close to the central city are popular among Melbourne house hunters today, the real estate research suggests that many families are also willing to find options that are further out to the southeast and east of Melbourne too, such as Berwick, Croydon, and Pakenham.
Across the whole of Victoria, property searches have jumped drastically over the past year – increasing by 18%. At the same time, actual inquiries about homes have risen by a rate of 16%. Additional data have shown that Melbourne home values have been increasing after several months of decline. In June and July, positive rises in home values were published for Melbourne, suggesting that the worst of the housing slump may be over.
Experts believe that the buyers in Melbourne may have regained their confidence now that the federal election results have been officially decided. However, for the time being, sellers haven’t returned to Melbourne was as much force. There’s still a relatively low level of available housing in the market, which means that demand is becoming more concentrated, and buyers don’t have a great deal to choose from.
What’s Next for Housing in Melbourne?
Experts in the real estate market believe that improving sales results for homes in Melbourne will prompt people thinking of selling their home to act. Many people in the region were avoiding selling their property while the market was struggling. However, the real-estate space is now a lot more stable than it was a few months ago.
The key to success for many homeowners will be getting ahead of the volume. If you’re thinking of selling your property this spring, it might be a good idea to start showcasing your home now and taking advantage of the frustrations and lack of choice that current buyers house. The number of houses on the market is very low, which means that people may be willing to pay a better price for the right home. This is particularly true for people in the most-searched Melbourne suburbs since the federal election, which includes:
- South Yarra
- St Kilda
- Chirnside park