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New data has shown the most in demand suburbs in Australia, as buyers look to capitalise on ongoing price declines.
According to a report from realestate.com.au, Allambie Heights, located on Sydney’s northern beaches, has topped the list as the most in demand suburb in Australia. It has a median price of $1.5 million for all dwelling types in the area.
Next up was another Sydney northern beaches suburb, Narraweena, which currently has a median price of $1.3 million, followed by Birchgrove, located in Sydney’s inner-west, recording a median price of $1.6 million.
Why are buyers flocking?
Commenting on the results, chief economist of realestate.com.au Nerida Conisbee said the two northern beaches suburbs that made the list are particularly sought-after by younger buyers.
“Allambie Heights and Narraweena are more affordable northern beaches suburbs,” Ms Conisbee said.
“If you look at somewhere like– where the median price is nearly $3 million – Allambie Heights and Narraweena aren’t that near the water, but they aren’t too far away, so comparatively they are more affordable.”