As the property market cools in some parts of Australia, the real estate landscape is changing. Read on for the country's most popular places to live and why homebuyers are flocking to these sought-after suburbs.
Wondering what the latest property hotspots are? New data from realestate.com.au has revealed the southern states of the country are home to the most in-demand suburbs of 2018, with Melbourne's Hawthorn and Tasmania's Hobart, topping the list.
We spoke with realestate.com.au Chief Economist, Nerida Conisbee, to gain her insights around why homebuyers are dialling up the demand on these property hotspots:
1. Hawthorn, VIC
“Very much a prestige suburb in Melbourne, Hawthorn is attractive to families because of its big homes, big blocks and Melbourne’s top private schools. It’s also close to the city, has a good retail precinct and is home to a lot of easy lifestyle elements," says Nerida.
2. Warrandyte, VIC
"We often see Warrandyte on this list. It’s in the outer-north east of the Melbourne CBD and is quite far from the city, however, public transport is very accessible from this area," she says. "You get the best of both worlds – a semi-rural lifestyle that is in commuting distance to the CBD. Expect to find lots of large blocks of land and big homes, as well as a mix of luxury and more affordable homes that make it easier for buyers to get into the market."
3. Unley, SA
“It’s quite unusual for an Adelaide suburb to be in our top five," explains Nerida. "Unley is a prestigious suburb – the most popular suburb in Adelaide. It’s quite similar to Hawthorn, as it has good schools, public transport links and beautiful homes.”
4. Fitzroy North, VIC
"Fitzroy North is a convenient area that has remained quite low-density, despite it's close proximity to the CBD," says Nerida, "There are a lot of period homes with lovely heritage elements and all the lifestyle perks like cafes and restaurants you tend to get from an inner-city area.”
5. Eltham, VIC
“Being so close to Warrandyte, so many of the same attractive factors apply," explains Nerida. "Although, one thing that Eltham has that that Warrandyte doesn’t is a train line. Couple accessibility with lots of affordable large homes on big blocks and you've got a winner.”
1. Hobart, TAS
“Hobart has been featuring on our radar for quite some time, as it’s an area we are seeing a lot of investor activity – especially from people who are living in Melbourne," says Nerida. "With the Museum of Old and New Art (MONA) and an emerging foodie culture in Hobart, tourism is growing and the economy is changing,” she explains.
2. Sandy Bay, TAS
“Very similar to Hobart, Sandy Bay has some beautiful beaches and views. We know that when people look outside Melbourne, Sandy Bay is actually the number one place they’re looking." Nerida says, "It’s one of the most expensive suburbs in the area, with a lot of the apartments sold being holiday units.”
3. Parkdale, VIC
“Parkdale is a suburb on the water, located south-east of the Melbourne CBD. It's not an area with a lot of high-density living, so townhouses are in high-demand. It’s got a beach, but is more affordable than other similar Victorian suburbs like Black Rock or Sandringham,” she says.
4. Fairlight, NSW
"Sydney suburbs don’t often make our most in-demand list due to pricing, as it’s been so expensive for so long," explains Nerida, "The Northern Beaches are always very popular and while houses still are expensive, apartments in Fairlight are more affordable and can grab a wider range of buyers.”
5. Artarmon, NSW
“Located on Sydney's north shore, Artarmon is more affordable than nearby Willoughby and Wollstonecraft, which probably prices out a lot of people," says Nerida. "Artarmon is also very well located on the train line to the city and is close to some of Sydney's best schools.”
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