The REA Group have recently released their Property Demand Index Report, showing that Melbourne suburbs are some of the most in demand in the country. The report found that people are increasingly seeking suburbs that offer lifestyle options rather than a blue chip reputation.
The report has found that the overall demand for dwellings in Australia is up by 17% since last September, with a rapid rise of 3.1% in demand for houses and 1.9% for apartments and unit in the month of September alone. REA senior economist Nerida Conisbee says that the demand for housing is at an all time high, contrary to oversupply rumours.
According to the Property Demand Index Report; 13/20 of the most in demand suburbs for houses in Australia were in Melbourne between September 2015 – September 2016 and September 2016 with 5/20 for apartments. Number 1 spot for most in demand suburb for apartments was in East Melbourne, with most in demand suburb for housing Warrandyte and Prahran.
Warrandyte, Richmond and Brunswick have been crowned the top 3 most desirable suburbs in Melbourne for the immense range of lifestyle amenities available to residents.
LJ Hooker Head of Real Estate Christopher Mourd reiterates that it is no longer the prestige of a neighbourhood that is attracting residents, but rather the lifestyle and amenity options available to them.
Image credit to Donaldytong (Own work) [Public domain], via Wikimedia Commons