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Melbourne’s Hottest Property Market: Which Houses are in High Demand?

5 mins read
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Melbourne has always been a prime location for real estate investments. But in recent years, the property market of this vibrant city has soared to new heights, making it one of the hottest markets in Australia.

If you’re planning to buy a new house or invest in property in Melbourne, it’s important to know what’s in demand. In this article, we’ll take a deeper look at Melbourne’s hottest property market and explore which types of houses are in high demand.

Location, Location, Location: What Matters?

The saying “location, location, location” has never been truer when it comes to Melbourne’s property market. With so much development and growth happening in the city, different areas are experiencing different levels of demand. Some of the key factors that influence the popularity of a particular location include:

Proximity to the CBD

One of the biggest drivers of demand is how close a property is to Melbourne’s Central Business District (CBD). Properties that are within a 10km radius of the CBD tend to be in high demand, as they offer the convenience of being close to work, amenities, and entertainment options.

Public Transport Options

Melburnians love their public transport, and properties that are close to train, tram, or bus stops tend to be more popular than those that aren’t. This is especially true for properties that are located in suburbs with a limited or no access to parking.

School Catchment Areas

Families with young children often prioritize properties that are located within good school catchment areas, which can drive up demand in particular suburbs.

The Most Popular Property Types

While location is a key factor, it’s also important to consider the type of property you’re looking to buy. In general, the following types of properties tend to be in high demand in Melbourne:

Apartments

Melbourne’s apartment market has been booming, driven by a combination of population growth, increasing urbanization, and a preference for low-maintenance living. Apartments tend to be in demand in inner-city areas, especially those that are close to public transport and amenities.

Houses with Outdoor Space

Given Melbourne’s temperate climate, properties that offer outdoor space such as a backyard, courtyard, or balcony tend to be desirable. Houses that are located on a leafy street and offer good privacy are also in demand.

New Builds

Melbourne’s growing population has created a demand for new properties that cater to modern living. New builds, especially those that offer energy-efficient features and smart technology, tend to be in demand in areas that are experiencing new development.

FAQs: What You Need to Know

How Much Does It Cost to Buy a House in Melbourne?

The cost of buying a house in Melbourne varies depending on factors such as location, property type, and size. As of 2021, the median house price in Melbourne is around AUD 936,000.

What Should I Look for When Buying a House in Melbourne?

In addition to location and type of property, other factors to consider include proximity to amenities, local crime rates, past sales history, and the state of the property and its fixtures and fittings. Check out this Guide to Buying a House in Melbourne for more tips.

Should I Invest in Property in Melbourne?

Melbourne’s property market has been historically strong and has yielded good returns for property investors. However, it’s important to conduct thorough research and seek advice from professionals before making any investment decisions.

Is It a Good Time to Buy Property in Melbourne?

Despite the pandemic, Melbourne’s property market has remained strong in 2021, with demand continuing to outstrip supply in some areas. However, it’s important to monitor market trends and seek professional advice to make an informed decision.

Conclusion

Melbourne’s property market is one of the hottest in Australia, and demand for certain types of properties is high. By considering factors such as location, public transport options, and school catchment areas, you can make an informed decision when looking to buy or invest in property in Melbourne. If you’re unsure about the process, seek advice from professionals or refer to the Guide to Buying a House in Melbourne.

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