How are Melbourne suburbs faring?

Melbourne’s suburbs are recording higher views per listing from buyers and renters than Sydney, according to realestate.com.au.

Housing prices across the nation are 7% below their late 2017 peak, although nearly 30% higher than early 2013, the Reserve Bank of Australia said. Credit ratings agency Moody's also forecasted declines of 11.4% in Melbourne and 9.3% in Sydney, respectively, this year.

Melbourne and Sydney might always be linked to the dropping values in the market, but the “reality is Melbourne is holding up a lot better,” said realestate.com.au Chief Economist Nerida Conisbee.

Data showed that Melbourne’s Middle Park again topped Australia's most in-demand suburbs. Overall, the capital’s suburbs are getting more attention from consumers compared to Sydney.

“This is being supported by rising rents and far more mixed price changes across the city. Overseas-based property seekers are still far more active in Melbourne but have been dropping off in Sydney for almost two years now,” Conisbee said.

Cooling property prices, meanwhile, led to increased interest in premium suburbs.

“During the boom, we saw cheaper suburbs taking control of the list — areas like Briar Hill, Montmorency, and Montrose where big homes on big blocks at more affordable price points are available,” Conisbee said. “Now the list features places like Middle Park and Toorak - very expensive suburbs, but cheaper than what they were a couple of years ago.”

Melbourne’s lavish inner east posted the largest decline in values over the past twelve months — down by 16.1%, according to CoreLogic.

Source: realestate.com.au