Surrey Hills crowned Melbourne's most sought after suburb: realestate.com.au
Surrey Hills has been crowned Melbourne’s hottest suburb for property this quarter, according to data released by realestate.com.au.
The report lists the top suburbs in Melbourne based on the amount of online clicks per property tracked through the realestate.com.au website.
Surrey Hills soared up the list from ninth place three months ago, to the number one spot.
“Demand for the Surrey Hills area has grown dramatically over the last few months,” says Toby Parker from Hocking Stuart in Balwyn.
“The clearance rate for property in the area earlier in the month was 100%.”
The median house price in Surrey Hills is $1,095,000 million.
“It’s a leafy, tree-lined, family orientated suburb which offers all the amenities close to hand,” says Parker.
Moving from seventh place to second this quarter was Blackburn North.
The median house price in Blackburn North is $597,500.
Realestate.com.au’s Victoria state manager Ben Auchettl says if you live in one of the top ten suburbs now might be the time to sell.
“We have more than 18.5 million visits to the realestate.com.au website every month, which gives us a solid indication of where people are looking to buy,” says Auchettl.
“The top suburbs are ranked by the number of people looking per listing in an area, which for these suburbs means a high level of buyer competition for each individual home listed in the suburb.”
“A high level of competition indicates an increase in market participation a few months down the tracks,” says Auchettl.
Park says Hocking Stuart Balwyn sold a four-bedroom property in Scheele Street for $370,000 above the reserve price last month.
Robert Larocca of Real Estate Institute of Victoria told The Herald Sun that median house prices in Surrey Hills are 20% below peak, which may be a key reason why more confident consumers are bidding strongly at auction.
The top ten list
- Surrey Hills
- Blackburn North
- Fitzroy North
- Bulleen
- Carlton North
- Hampton East
- Chadstone
- Croyden South
- Wonga Park