What a difference a year makes

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Figures from a leading on-line real estate portal have shown a marked change in the interest of Australian property buyers over the last year.

Released earlier this week, realestate.com.au’s top 10 list of Australian suburbs receiving the most attention per listing for March 2015 – May 2015 features only one suburb that was on the corresponding 2014 top 10 list.

The 2015 list is topped by the northern Sydney suburb of Freshwater, which has jumped 25 places over the past 12 months, while last year’s number one, Albert Park in Victoria slipped to number three and is the only survivor from 2014.

After not qualifying for the list all last year, Unley in South Australia has rocketed to second place in the 2015 list, while Montmorency in Victoria also saw an explosion of interest, rising 85 spots over the past 12 months to take fourth place.

Ringwood North in Victoria moved up nine spots to take fifth place this year, while Willoughby in NSW was another big mover, climbing 80 spots to sit sixth.

In seventh place this year is Victoria’s Carlton North, another that failed to even qualify this last year and eighth placed Thornleigh jumped 47 places to claim number eight on the list.

Upwey, another Victorian suburb, moved up 18 places to claim ninth position, while South Penrith moved up 26 places to claim the tenth and final place.

With five of this year’s top 10 spots found in Victoria, chief executive officer of real estate agency Hocking Stuart, Nigel O’Neil believes this shows the strength of the state’s market.

“While low interest rates have ignited interest in property Australia wide, the Victorian market has experienced especially strong growth off the back of an increase in population, subsequent demand for housing and limited supply,” O’Neil said

“This demand coupled with the fact that property in Melbourne is more attainable than in Sydney, and that Melbourne has exhibited moderate capital growth over the past decade, are key incentives for buyers in Victoria.”

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