Melbourne might be in the midst of a property market correction, but it’s still home to the nation’s most in demand suburb.
More people look at homes for sale in Middle Park than any other suburb in the country, with 6058 people viewing each property listed for sale.
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Elwood and Middle Park defying the market with impressive price growth
And Red Hill on the Mornington Peninsula was the nation’s 10th most searched suburb, with 5034 people looking.
The figures are highlighted in realestate.com.au’s latest Property Outlook and show, despite the gloom, there are still parts of the city holding their own, with both suburbs having recorded double-digit growth across the past 12 months.
“They’re very attractive suburbs and very tightly held, so they could have a better position than others with tons and tons for sale,” said realestate.com.au chief economist Nerida Conisbee.
Hocking Stuart Albert Park director David Wood said Middle Park’s growth figures were skewed by a rise in sales above $4 million last year, but values would never fall far.
“It’s an area that doesn’t see a lot of mortgage stress, so if a property doesn’t sell for the right price it will often just come off the market,” Mr Wood said.
The Property Outlook also showed prices in the city’s west were performing better than other parts of the city, particularly Melton, up 16.2 per cent, Truganina, 11.8 per cent, Footscray, 3.5 per cent, and Yarraville, 2.2 per cent.
A 3 per cent decline in Melbourne home prices is predicted for the coming six months.