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Regional Victoria on the rise as house prices fall nationally: realestate.com.au

The current property hotspots have been identified in the March Property Outlook from realestate.com.au.

The report has identified the most in demand suburbs across Australia, with Melbourne and Hobart coming out on top.

Warrandyte in Victoria is the country’s most sought-after suburb, as demand rises in regional Victoria.

However, despite these increases, house prices are falling nationally and demand for property is continuing to moderate.

“As ever, conditions remain highly variable across each capital city,” realestate.com.au Chief Economist Nerida Conisbee said.

“The capital city most challenged right now is Sydney, where we are seeing drops in demand like we saw in Perth at the end of the mining boom. High prices are having a big impact on buyer activity and the decline in prices is likely to continue during the first half of this year.”

Ms Conisbee said Hobart was experiencing the strongest increases in buyer demand, which could be attributed to a changing Tasmanian economy.

“High levels of demand in Hobart will continue to flow through to price growth in the city in 2018,” Ms Conisbee said.

“While it isn’t as red hot as Hobart, Canberra is also experiencing very high demand, with apartments becoming increasingly popular compared with houses over the past 12 months.”

Ms Conisbee added that high demand for properties in suburb Warrandyte was likely being driven by its offer of big homes and blocks, commuting distance to Melbourne and relative affordability.

Highest demand growth among local government areas, outside of capital cities

RankLocal government areaStateProperty typeYear-on-yearMedian house price
1BallaratVicAll62.13%$329,000
2WarrnamboolVicAll58.78%$328,500
3Greater GeelongVicAll56.42%$500,000
4DevonportTasAll42.06%$262,500
5Greater BendigoVicAll40.45%$335,000
6Richmond ValleyNSWAll40.12%$310,000
7Clarence ValleyNSWAll39.80%$387,500
8OrangeNSWAll38.87%$380,000
9QueanbeyanNSWAll38.66%$482,500
10LauncestonTasAll37.12%$315,000

Top 10 most in demand suburbs – National (Jan-March 2018)

RankSuburbStateProperty Type
1WarrandyteVicAll
2BelleriveTasAll
3South HobartTasAll
4ElthamVicAll
5Battery PointTasAll
6HobartTasAll
7Middle ParkVicAll
8Albert ParkVicAll
9West HobartTasAll
10Eltham NorthVicAll

An interactive version of realestate.com.au’s Property Outlook is available here.

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