Australian property experts Domain Group has released research which has revealed the most sought-after property areas in the cities of Sydney and Melbourne.
These are the suburbs seeing the greatest growth in property prices. In Sydney, it is Homebush, the former base of the 2000 Olympic Games located in the west of the city, which tops the tree, followed by Bayview in the north. In Melbourne it is formerly unfashionable districts that are surging as families seek better value away from the traditional ‘blue-chip’ postcodes.
Domain Group senior economist Andrew Wilson said: “The ugly ducklings now have the look of swans as prices rise in the southeast [of Melbourne]. Prices growth is coming up from the bottom and that activates changeover buyers who have more money because they’re able to sell their outer eastern property [for a good price] and move closer in.”
These are the cities’ fastest-growing suburbs, based on the percentage increase in median house price over the past year.
Sydney
| Homebush | 42% |
| Bayview | 38% |
| North Ryde | 36% |
| Schofields | 34% |
| Ryde | 33% |
Melbourne
| Ashburton | 25% |
| Caulfield South | 25% |
| Malvern | 24% |
| Elwood | 23% |
| St Kilda East | 23% |
