The most recent PropTrack data indicates a renewed interest in city apartments among both homeowners and investors. Spurred by rising interest rates, families are seeking affordable and spacious living options. Melbourne has seen a concentration of apartment demand in inner-city areas, while outer suburb houses are garnering considerable interest. There’s been marked growth in the number of engaged buyers in Queensland and Western Australia. The search for affordability is driving these preferences, causing luxury suburbs to lose some of their appeal. Buyers are increasingly exploring cost-effective cities such as Brisbane, Perth, and Adelaide, especially when remote work is an option. However, factors such as the size and availability of listings can impact the prominence of certain suburbs on the demand list.
Greater Melbourne is witnessing robust demand from house buyers in both its inner city and peripheral areas. Of the top 10 Australian suburbs attracting the most serious buyers, nine are located in Melbourne, led by Berwick. Other suburbs like Point Cook, Werribee, Croydon, and Frankston are also drawing significant attention, with factors such as affordability, quality schools, and larger areas attracting families.
Inner-city suburbs such as Kew, Brighton, and Richmond are sought-after for houses. Nevertheless, Melbourne’s property market recovery has been more modest compared to Sydney.
Inner-city units in Melbourne and other major Australian cities are experiencing strong demand, largely driven by investors. Melbourne claims the majority of the top 10 most popular suburbs for units, with Surfers Paradise on the Gold Coast also generating significant interest. The popularity of these areas represents a shift from the pandemic period, marking the resurgence of inner-city locations, fuelled by migrant and investor interests. Furthermore, an uptick in people moving to cities is evidenced by increased migration from regional to urban areas and intercity relocations.
Suburban areas on the city fringes offering affordable and spacious homes are witnessing increased buyer interest, a trend observable in Melbourne, Adelaide, Sydney, and beyond. These locales, known for their larger blocks, reputable schools, and efficient transport links, appeal to families. Demand for detached houses is driven by the need for more space and additional rooms for remote work. In Queensland, both the Gold Coast and Sunshine Coast continue to attract buyers for houses and units, with areas like Buderim generating considerable interest. Perth is also seeing a rise in buyer interest, especially in southeast suburbs offering acreage properties. A shortage of available properties is intensifying competition among buyers, leading to multiple offers. These trends overall reflect the enduring preference of buyers for affordable, spacious homes in desirable locations.
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