Melbourne’s northern and western suburbs are the new power centres in the city’s property market.
Suburbs in Melbourne’s north were far and away the best performing on the weekend, recording an auction clearance rate over 87 percent, which was way up on the 74.9 per cent recorded by Melbourne as a whole.
The suburbs of Preston, Strathmore, Thornbury, Aberfeldie and Glenroy have taken over from the previous power suburbs in the city’s inner-east.
Domain Group’s Andrew Wilson says suburbs in the west were also joining these northern suburbs in a shift of power in Melbourne’s property market.
The western suburbs recorded a auction clearance rate of 78.2 per cent on Saturday.
“Housing markets don’t typically move as a monolith,” he told Domain.
“We’ve had a very strong lower-priced, outer suburban market environment for the past 12 months and it has taken over from the mid to high-priced markets closer in – in the eastern suburbs, particularly.”
First home-buyers are being buoyed in the market in these areas by new stamp duty concessions on property under $600,000.
Jarrod McCabe from Wakelin Property said the smart first home-buyers were being decisive quickly when entering the market.
“When first home-buyers do come into the market, it is not unusual for them to really take their time before they make their decision,” he told Domain.
“But I think the smart first home-buyers won’t procrastinate.”
“Quite often we hear people saying I should have bought the one I saw first.”
