Budget-conscious home seekers are setting their sights on suburbs where property values have not surged in line with the recent national real estate boom. This trend is driving increased demand for homes in desirable neighbourhoods that still maintain a relative level of affordability.
An examination of PropTrack data reveals that numerous suburbs, where property values have not experienced rapid growth compared to the broader market, are witnessing a surge in buyer interest. Properties listed for sale in these areas are generating dozens of inquiries, highlighting the robust demand in these locales.
While suburbs experiencing high demand from buyers typically coincide with active property markets and robust price growth, discerning buyers are now exploring opportunities in areas that have shown underwhelming performance compared to their neighbouring regions. This suggests that these suburbs may be poised for a potential turnaround.
One effective method for gauging a suburb's demand among buyers is to measure key enquiries per listing on platforms like realestate.com.au. This metric encompasses high-intent actions such as sending an enquiry via email, contacting the agent, or downloading relevant documents. According to PropTrack senior economist Paul Ryan, this approach provides valuable insights into the level of buyer interest and the overall desirability of a given suburb.
The underperforming Melbourne suburbs with the strongest buyer demand
Source: PropTrack. Suburbs ranked by enquiries per listing. Includes suburbs with price growth less than the respective Greater Capital City Statistical Area (GCCSA) and a minimum of 30 listings in the 12 months to the end of November 2023.
|
|
Region (SA4) |
Median value (AVM) |
YoY change |
Key enquiries per listing |
Property type |
|
|
1 |
Coolaroo |
Melbourne - North West |
$507,000 |
0.3% |
25 |
House |
|
2 |
Hampton Park |
Melbourne - South East |
$642,000 |
-0.6% |
23 |
House |
|
3 |
Doveton |
Melbourne - South East |
$586,000 |
0.0% |
22 |
House |
|
4 |
Wandong |
Melbourne - North East |
$858,000 |
-2.5% |
21 |
House |
|
5 |
Campbellfield |
Melbourne - North West |
$598,000 |
-0.3% |
21 |
House |
|
6 |
Melton |
Melbourne - West |
$469,000 |
-1.5% |
20 |
House |
|
7 |
Wandin North |
Melbourne - Outer East |
$796,000 |
-0.5% |
19 |
House |
|
8 |
Dallas |
Melbourne - North West |
$520,000 |
0.6% |
19 |
House |
|
9 |
Emerald |
Melbourne - South East |
$917,000 |
0.0% |
18 |
House |
|
10 |
Cairnlea |
Melbourne - West |
$894,000 |
0.1% |
18 |
House |
|
1 |
Meadow Heights |
Melbourne - North West |
$460,000 |
-0.3% |
15 |
Unit |
|
2 |
Heidelberg West |
Melbourne - North East |
$660,000 |
0.2% |
15 |
Unit |
|
3 |
Patterson Lakes |
Melbourne - Inner South |
$656,000 |
-0.2% |
13 |
Unit |
|
4 |
Keysborough |
Melbourne - South East |
$671,000 |
-0.2% |
13 |
Unit |
|
5 |
South Kingsville |
Melbourne - West |
$643,000 |
0.3% |
12 |
Unit |
|
6 |
Oakleigh |
Melbourne - South East |
$616,000 |
-0.3% |
11 |
Unit |
|
7 |
Mentone |
Melbourne - Inner South |
$676,000 |
-0.5% |
10 |
Unit |
|
8 |
Seaford |
Mornington Peninsula |
$600,000 |
-0.4% |
10 |
Unit |
|
9 |
Pascoe Vale |
Melbourne - North West |
$646,000 |
-1.0% |
10 |
Unit |
|
10 |
Altona North |
Melbourne - West |
$731,000 |
-1.2% |
10 |
Unit |
Emerald, VIC, has emerged on the radar, making it an opportune time for prospective buyers to consider this location for a property purchase. With the area showing signs of a potential turnaround, investing in Emerald can prove to be a wise decision. Whether you're looking to buy or contemplating putting your property on the market, the current dynamics suggest favorable conditions for both scenarios. Keep a close eye on the evolving real estate landscape in Emerald, as it appears to be on the brink of positive transformation.
Read full article here: The underperforming suburbs on the cusp of a turnaround - com.au (Source: realestate.com.au)