Melbourne's most sought-after suburbs: areas with the biggest increase in search interest over the past 12 months – realestate.com.au
Housing demand remains resilient despite high interest rates and rising house prices, with some Melbourne suburbs growing in popularity with buyers as search volumes increase.
PropTrack data showed that national home prices rose 0.04 percent in September, the 21st consecutive month of gains, and rose 5.7 percent last year.
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But since September 2023 house prices have fallen by 1.8 per cent in Melbourne and 1.3 per cent in regional Victoria.
Although prices have seen a slight decline, demand for housing in Victoria is still high due to the state's relative affordability.
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Buyers interested in Koo Wee Rup have increased year by year. This home at 7 Barnes Way, Koo Wee Rup is offered for $630,000-$690,000.
This is reflected in the number of searches for property to buy in Victoria on realestate.com.au, which is up 6.3 per cent compared to a year ago.
And searches have increased in a number of Melbourne suburbs.
Koo Wee Rup, Dallas and Lang Lang East saw the biggest increase in search volume for property purchases compared to September 2023 with 112 per cent, 48 per cent and 44 per cent more respectively.
Bonnie Brook and Eden Park also saw a rise, rising 43 per cent and 35 per cent respectively.
While the increase in search activity does not necessarily reflect more people shopping in these areas, it does indicate an increase in interest over the past 12 months.
7A King Street, Dallas, went under contract for $650,000.
Currently, Melbourne, Richmond and Hawthorn are the most searched suburbs in Melbourne with nearly 400,000 searches each during the month.
With interest rates forecast to fall early next year, this will increase borrowing capacity and improve housing affordability for those looking to buy.
Demand is likely to continue to grow due to strong population growth, tight rental markets and expected interest rate falls on home equity gains.
We may see search activity increase further in response to these market conditions.
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