Melbourne’s inner suburbs dominated a list of Australia’s “hottest” property markets, according to data from realestate.com.au.
The Melbourne suburbs of Heidelberg, Ivanhoe, Blackburn North, Montrose and Middle Park were ranked amongst 10 of the country’s “hottest” property markets, based on data from February. Parkside, in inner Adelaide, was ranked first, with other suburbs in the top 10 including Holland Park in Brisbane, and Unley, Toorak Gardens and Clarence Park in Adelaide.
The top ten sellers’ markets list, published by realestate.com.au, is determined by a ratio of market supply to demand with the hottest suburbs having both high supply and strong demand.
“Put simply, ‘supply’ represents the weekly average number of properties in a suburb listed for sale on realestate.com.au, and ‘demand’ as the number of visits and user sessions to a property details page in that suburb,” the company said.
Sydney’s suburbs were absent from the top 10.
“Based on insights from our site, we can confirm Parkside remains the best sellers’ market in Australia,” said Joanne Whyte, general manager – brand, communication and insights at realestate.com.au.
“The inner and leafy eastern and south eastern suburbs of Melbourne have moved rapidly into the top ten sellers’ markets which identifies them as locations where market dynamics for sellers are strong.”
“A heightened level of interest in a property listing means greater competition and more likelihood that the property will sell at an acceptable price. The top sellers’ markets survey is a great indicator of current consumer interest in a suburb, which we are seeing translate into increased participation in the market three or four months down the track,” added Ms Whyte.