If you're above a certain age, there's a good chance that you recreationally browse real estate websites, at least occasionally. You want to try to keep abreast of the beast that is the current housing market, but that's no easy feat. Luckily, the folks at Domain have put together an annual round-up of the most popular suburbs by capital city, so we can all be in-the-know about the latest property hot spots. And honestly, we're a bit surprised about some of the neighbourhoods that made the top ten.
The Domain End of Year Wrap 2024 report has revealed the suburbs potential buyers had their eyes on in 2024, measured by the number of views on the website's property listings.
For Melbourne, the number one most viewed suburb was Albert Park. According to the Domain experts, reasons for this could be the area's close proximity to the CBD, particularly after many people moved further away from the city during the pandemic. Despite the spot being so close to the hustle and bustle of the concrete jungle, it doesn't feel crowded. It has the natural beauty of Albert Park Lake and is close to the ocean, so it feels like it suits the waterfront lifestyle rather than that of a city slicker. Plus, many of the properties in the area are heritage-listed, so the streetscape has remained relatively unchanged for decades. It's an unexpected pick for the most popular neighbourhood in Melbourne, but considering these factors, it does make sense.
Similarly, Middle Park was ranked as the second most popular suburb on the list, for many of the same reasons. But unsurprisingly, the affluent areas of Toorak, Carlton North, Malvern and Canterbury followed. In the seventh spot was East Melbourne, followed by beloved inner north locales Clifton Hill, Fitzroy and Fitzroy North.
Domain chief of research and economics Dr Nicola Powell says the number of views not only measures which properties were most likely to be bought, but also the areas that people are dreaming about buying a property in.
“Highest views per listing tells us a lot about those locations where buyers are keen to get into, but there just aren’t enough listings to meet that level of demand,” says Powell.
“There’s [also] a bit of nosy-parker going on, with people dreaming when looking at these amazing home listings and imagining where they’d live if they won the lottery.”
If you're the average Melburnian looking to crack into the property market for the first time, buying a place in one of these 'burbs might be out of your reach right now. But before you give up, here's a list of the most affordable and liveable suburbs in Melbourne right now.
These are the most popular suburbs in Melbourne for property buyers in 2024:
- Albert Park
- Middle Park
- Toorak
- Carlton North
- Malvern
- Canterbury
- East Melbourne
- Clifton Hill
- Fitzroy
- Fitzroy North
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