The 10 most in-demand markets, Albert Park tops list: REA
Realestate.com.au has released a list of 10 suburbs that are most in demand by potential buyers, based on the most people looking per listing.
Balgowlah, New South Wales, which secured top spot in the last list has fallen spectacularly to number nine on this quarter’s seller’s list.
Ormond, Victoria, which appeared for the first time on the last ranking, has vanished again from the list.
Of the total, Victoria secured two spaces, South Australia netted three top suburbs, New South Wales scored four and Queensland managed to scrape in one suburb at number 10 on the list. It’s notable that the Queensland suburb, Holland Park, is down two places from its last ranking.
- Albert Park (Victoria)
Median house price: $1,380,000 - Parkside (South Australia)
Median house price: $614,000 - Freshwater (New South Wales)
Median house price: $1,362,500 - Belair (South Australia)
Median house price: $511,500 - Blackburn North (Victoria)
Median house price: $692,000 - Kirrawee (New South Wales)
Median house price: $765,000 - Cherrybrook (New South Wales)
Median house price: $880,000 - Norwood (South Australia)
Median house price: $800,000 - Balgowlah (New South Wales)
Median house price: $1,312,500 - Holland Park (Queensland)
Median house price: $544,750
Of those on the list, Cherrybrook, Norwood, Balgowlah and Holland Park have actually decreased in demand over the last quarter, while Albert Park was the only suburb that calculated an increase.
General manager of sales and operations at realestate.com.au, Arthur Charlaftis, said that the position indicates increased buyer interest.
“Top Sellers’ Markets look at supply and demand in each suburb and ranks the suburbs based on ratio of buyer demand. A position in this list suggests that it could be a good time for property owners in these areas to consider selling as there are a high number of buyers looking for property in that area,” he said.
Greg Hocking Real Estate’s Greg Hocking said that Albert Park’s attraction remains its “village like” atmosphere.
“For families, the primary schools are bursting at the seams because they’re so highly regarded. Albert Park Secondary College is attracting lots of people who are keen to be in the school zone. Parents are deciding to send their kids there rather than sending them to private schools across town,” Hocking said.
Property Observer wonders if The Block has had any influence on Albert Park’s ranking, clearly driving some interested parties to this suburb. Whether or not they’re prospective buyers is less easy to ascertain.
Albert Park did get a mention in second place on the previous quarter’s list.
Tom and Joy Williams, who bought Kyal and Kara's apartment on The Block Albert Park television series, sold their nearby home in May. The former 1896 bakery at 1a College Place snapped up $3,705,000 at its May 21 auction – having been tipped to fetch “more than $2.9 million).
Here are some more examples of offerings in Albert Park.
Albert Park has, however, always been a list topper. Back in October 2012 it ranked number one as one of the top 10 rental growth suburbs in Melbourne.
Picture courtesy of Tim Serong/Creative Commons.