Melbourne’s outer northeast and east have been revealed as the most desirable areas among serious homebuyers, according to recent realestate.com.au research.
In 2019, before COVID-19 hit Australian shores, inner-city suburbs such as Albert Park, South Yarra and Carlton ranked as Melbourne’s most in-demand suburbs. Three years later, Warrandyte, Park Orchards and Croydon South are overtaking the more premium locations, attracting retirees, families and first-home buyers.
Why is this happening?
Impacts of COVID-19 have forced people to rethink the way they live. With thousands of Melburnians still working from home, residences on larger blocks, further from the city are becoming increasingly sought-after – a trend that developed at the beginning of the pandemic.
However, when discussing the “mass exodus” from the city, a conversation about affordability needs to be had. While some homebuyers are searching for a more holistic lifestyle, many are purchasing in Melbourne’s outer suburbs because house prices are within arm’s reach.
Melbourne’s outer east also offers premium schooling and new infrastructure. Ringwood is a good example of a suburb that has undergone a significant transformation over the last 10 to 15 years. The development of Eastland, Eastlink and public transport providing direct access to Melbourne’s CBD have been attracting buyers, particularly families, to Ringwood and its surrounding suburbs for over a decade.
With three offices in Melbourne’s outer east, the Philip Webb sales team has experienced first-hand the shift in demand from metropolitan apartment living to spacious family homes.
If you are looking to buy in Melbourne’s outer east or would like advice on selling your home, give us a call today!