The suburbs which attract the most demand from potential buyers have been revealed in a new report.
According to realestate.com.au’s ‘Top Sellers’ Markets’, the following 10 Australian suburbs had the most people looking per listing between March and May 2014:
Since last quarter, Cherrybrook (NSW), Norwood (SA), Balgowlah (NSW) and Holland Park (Qld) have decreased in demand, with Albert Park the only suburb to increase in demand.
New South Wales continued to dominate the list, but the Victorian market of Albert Park now occupies the top spot.
Local agent Greg Hocking from Greg Hocking Real Estate said Albert Park is a tightly held suburb.
“Buyers are attracted by its location between parklands and the beach, and being five minutes from the city centre. In my time working in Albert Park I’ve noticed that people move in and they don’t move out – once they’re in the suburb they love it so much that they stay,” he said.
Realestate.com.au’s general manager of sales and operations, Arthur Charlaftis said a position on the list is indiciative of increased buyer interest in a suburb.
“Top Sellers’ Markets looks at supply and demand in each suburb and ranks the suburbs based on ratio of buyer demand,” he said. “A position in this list suggests that it could be a good time for property owners in these areas to consider selling as there are a high number of buyers looking for property in that area.”