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Melbourne Holds Expensive Property Hotspots

Melbourne is a property hot spot at the moment, holding some of Australia’s most desirable suburbs. Realestate.com.au revealed that Surrey Hills was the most searched for suburb in Victoria and the second most searched for in Australia.

According to which suburbs were most clicked, the top ten suburbs in Melbourne to buy property were Surrey Hills, Fitzroy North, Wantirna, Blackburn South, McKinnon, Albert Park, Bulleen, Mont Albert, Carlton North and Ormond.

However most of those property enthusiasts will need to either a second or third job or an enormous pay rise in order to afford any of the above properties.

Surrey Hills, Albert Park and Mont Albert have median house prices of over one million dollars and Albert Park has the highest of the ten with $1,180,000. Wantirna’s median house price is the lowest at just over half a million dollars. In context, the average Victorian earns only $68,000 per year.

Despite the high interest in properties in these high earning suburbs, Enzo Raimondo of the Real Estate Institute of Victoria emphasised that the high number of clicks on real estate websites does not prove a link between the suburbs and how many properties are actually sold. He stated an example with Wantirna being the third most searched suburb yet only having one auction in three months.

SOURCE:http://www.heraldsun.com.au/news/victoria/everyone-wants-to-buy-in-to-melbournes-most-desirable-suburbs/story-fni0fit3-1226675078535