Sydneysiders are happy to live further away from the city, while Melbournians are willing to compromise space to live in the city, according to new research.
Realestateview.com.au released its findings from a survey that compared the buying preferences of Melbourne and Sydney residents and how their responses matched up against buyer demands.
The national survey, which was completed by 8,001 respondents, found the top 10 most searched suburbs in Greater Melbourne was within a 10km radius of the city. On the other hand, the entire top 10 suburbs for Sydney, with the exception of Marrickville, were at least 20kms from the CBD.
Sydneysiders’ love for the great outdoors meant there was a greater reliance on cars, with the city’s buyers ranking traffic as their second highest consideration when choosing a suburb to live in.
Melbourne locals preferred properties located close to public transport ranking access to public transport higher up the list.
The survey also compared the suburbs with the highest auction clearance rates. It found value for money was a key driver in the Melbourne market with locals looking for suburbs next to traditionally more affluence neighbours. Sydney residents still loved larger spaces with a strong auction market in suburbs known for large homes and backyards.
General manager of realestateview.com.au Petra Sprekos said Sydney residents were willing to live further from the CBD as amenities, shopping and schools were available to them.
“In Melbourne living 20 to 30 kilometres out is a fair way away but I think Melbourne will eventually get to that same point as Sydney,” she told Real Estate Business.
Despite the differences, the survey revealed that both cities shared some commonalities.
Price, location and the potential for a property to rise in value were all at the top of buyers’ list of key property considerations while neighbourhood safety was the shared number one concern when it came to researching a suburb.
“Location was still key and what that location offered the buyer or renter and capital growth is really really important too,” Ms Sprekos said. “People did look at that and then naturally if they couldn’t afford it they would move to the next suburb further out.”
Ms Sprekos said the survey revealed the value for money and that agents could use it to educate their clients about the attractiveness of an area.
“It provides even more background and information that they can offer their vendor and equip them in making their property fit for sale.”