Top Melbourne suburbs for sales growth

Sales figures rose in 2021 and growth is expected to continue in some areas this year. See the list of suburbs with the largest increases.

The number of properties sold in North Melbourne, Keilor and Noble Park North increased in 2021, with “more affordable suburbs” expected to remain popular with buyers this year.

Sales volumes for homes in the inner, middle and outer ring sites increased by as much as 129 percent in the last year – more than double what was recorded in December 2020 – new PropTrack data from realestate.com.au shows.

Noble Park North topped the growth list with 112 houses sold – up from 49 the year before. The numbers in North Melbourne rose from 49 to 103.

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Chadstone (up from 43 to 87 sales), Knoxfield (60 to 121) and Blackburn South (79 to 159) also had unprecedented growth.

Overall, Melbourne had a 70.5 per cent increase in the number of properties sold year on year – the second highest increase of any city or region in Australia.

Northern Territory saw a 75.1 percent increase in sales activity during the same period.

PropTrack chief economist Cameron Kusher said Covid-19-related shutdowns and record-low interest rates had caused buyers to funnel money into properties across the metro area, pushing up sales figures.

But he predicted CBD hotspots, especially those affected by the loss of investors and international buyers, as well as cheaper, first-home buyer-friendly suburbs would have more activity by 2022.

“Demand is slowly returning to the single city market,” Mr Kusher said.

“And I think the middle ring suburbs will see a big pickup, as well as the outer, more affordable suburbs.

“They will continue to be quite popular, and this is also where much of the new offering is.”

But Mr Kusher said he expected sales figures to fall this year with less steam in the market.

“There is an expectation that early this year there will be more lists around, so there will not be that much urgency,” he said.

“People will take a little longer (to buy) and they also have other things to spend their money on now. And there will also be a general downturn in the market, so that will also weigh on sales.”

Alexkarbon Real Estate Director Charles Bongiovanni – who currently sells 357 Flemington Road, North Melbourne – said changes in tenancy law, combined with a drop in college students needing a rent, had prompted many suburban homeowners to sell.

He said the number of property listings and sales “increased significantly” as a result.

“We found out that last year, many patio houses we listed were the older demographic sold out,” Mr Bongiovanni said.

“They had either lived there and wanted to downsize, or they were investors who had kept them for so long that they might have put their children in college.

“But there will always be great demand for properties in North Melbourne.”

Bongiovanni said about 67 percent of the suburban market traditionally consisted of tenants – but the recent increase in sales meant more owners had moved in.

Point Cook recorded the most total sales for the year with 1341 houses sold, while Melbourne (1113 sales) was the best result for units.

SUBURBS WITH THE GREATEST GROWTH IN SALES IN YEARS

Houses

Noble Park North – 49 sales in 2020, 112 sales in 2021, 129% increase in sales volume

North Melbourne – 49, 103, 110%

Keilor – 47, 97, 106%

Chadstone – 43, 87, 102%

Knoxfield – 60, 121, 102%

Blackburn South – 79, 159, 101%

Beveridge – 46, 92, 100%

Lang Lang – 33, 66, 100%

Burwood – 100, 199, 99%

Broadmeadows – 72, 140, 94%,

Devices

Ash tree – 30, 82, 173%

Hoppers Crossing – 33, 82, 148%

Ivanhoe – 69, 157, 128%

Dandenong North – 44, 96, 118%

Armadale – 88, 186, 111%

Wantirna – 30, 63, 110%

Fitzroy North – 46, 93, 102%

Newport – 46, 93, 102%

Cranbourne – 47, 93, 98%

Travancore – 36, 70, 94%

Source: PropTrack / realestate.com.au

All figures are based on the year to December 2021.

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alanah.frost@news.com.au

Originally published as Top Melbourne Suburbs for Sales Growth

Read related topics:Melbourne

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