Fresh data has pinpointed the five Aussie suburbs most in demand, with consistent price declines in some areas making them more attractive to home buyers.
realestate.com.au has released its July Property Outlook report, detailing the level of demand coming from home buyers across the country. The report calculates demand by comparing the number of property views per suburb on realestate.com.au over the past six months against the average number of listings.
According to the report, Allambie Heights, located on Sydney’s Northern Beaches, has topped the list as the most in-demand suburb in Australia, with a median price of $1.5 million for all dwelling types in the area.
This was followed by Melbourne’s Middle Park, which holds a median price of $1.98 million, and Adelaide’s Crafers, which holds a median price of $732,500.
Next up was another Sydney Northern Beaches suburb, Narraweena, which currently has a median price of $1.3 million, followed by Birchgrove, located in Sydney’s Inner West, recording a median price of $1.6 million.
Commenting on the results, chief economist of realestate.com.au Nerida Conisbee said the two Northern Beaches suburbs which made the list are particularly sought-after by younger buyers.
“Allambie Heights and Narraweena are more affordable Northern Beaches suburbs,” Ms Conisbee said.
“If you look at somewhere like Manly — where the median price is nearly $3 million — Allambie Heights and Narraweena aren’t that near the water, but they aren’t too far away, so comparatively they are more affordable.”
With Sydney’s median house price dropping by 7.7 per cent since April to $900,000, Ms Conisbee noted more buyers are increasingly looking to purchase property in the harbour city.
According to the chief economist, Inner West suburbs such as Stanmore and Annandale, in particular, will be key areas to watch.
“NSW dropped off the list during the boom and we saw areas on the coast as more in demand, but now prices have dropped, these (Sydney) areas are more affordable to more buyers,” Ms Conisbee said.
“These areas that are attractive to younger buyers aren’t traditionally premium suburbs (for NSW), but they are hipster suburbs that are gentrifying. They are also consistently low development areas and tend to have the kind of amenities younger buyers want and are at a more accessible price point.”