PHOTO: Bondi Beach. GQ
It was a blockbuster year for bricks and mortar, as low stock levels and even lower interest rates fuelled a buying boom that saw the national median house price reach a record $994,579.
Almost every corner of the country shared in the property market’s success due to the emergence of buyer trends brought about by the pandemic, including tree changers and sea changers searching for serenity and space.
But a deep dive into Domain search data shows that while such trends did emerge, a more traditional approach to real estate was still at the top of buyers’ minds.
In fact, the most searched regions on Domain in almost every state and territory were inner-city enclaves, partly because populous areas remain desirable, according to Domain’s chief of research and economics Nicola Powell.
Despite all the hype around moving to small towns along the coast, the number one searched area in the state was Sydney’s eastern suburbs, where properties offer the best of both worlds by being close to the city and surf.
Dr Powell said while there was a marked city exodus in 2021, the majority of the population remained in the city for a range of reasons.
“They’re densely populated areas, they’re highly desirable, they’re elite suburbs, on top of the wish list for many, they’re premium homes, dreaming would [describe] some people looking into these areas,” she said.
“We’ve got some beautiful areas within our cities, we have seen the increase in popularity of living regional and relocating, but clearly our cities are at the forefront of our minds when it comes to searches.”
The median house price in the eastern suburbs rose 27.4 per cent to $3.6 million in the year to September, on Domain data.
Meanwhile, the region’s median unit price rose 20 per cent to $1.26 million in the same period.
The top three most searched regions in NSW on Domain were:
- Sydney’s Eastern Suburbs
- Sydney’s Inner West
- Newcastle & Region
In Victoria, Melbourne’s north took out the most searched region – an area that is home to big homes on big blocks of land, a key factor in driving its desirability among buyers, according to Ray White’s chief economist Nerida Conisbee.
“The north is very popular. The north-east has a lot of big blocks and a lot of space and that perhaps reflects that, but it is also a bit more affordable than the eastern and south-eastern suburbs,” Ms Conisbee said.
“It might be reflecting better affordability but also that continued desire to have more space as has evolved through COVID.”
The median house price in Melbourne’s north-east region rose 16.3 per cent to $820,000 in the year to September 2021, on Domain data.
The median house price in Melbourne’s north-west region rose 6.6 per cent in comparison to $685,000 over the same period.
When it came to units, the median price in the city’s north-west rose 18.1 per cent to $570,000, while it rose just 0.2 per cent in the city’s north-east, to $531,250.
The top three most searched regions in Victoria on Domain were:
- Melbourne’s North
- Melbourne’s Bayside
- Melbourne’s Inner City
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