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Albert Park is New Hottest Seller’s Suburb in Victoria

by Wendy Chamberlain on April 8, 2014

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The suburb of Albert Park in Victoria has taken over as the newest hottest seller’s suburb as of the end of last year. This is based on the number of people looking per listing in the state in the last quarter of 2013.

Data on the top sellers’ market released by realestate.com.au showed that the inner city suburb of Albert Park received the most queries on properties. Following in the top five are Fitzroy North, Ormond, Ringwood East and Bulleen.

Completing the top 10 list are the suburbs of Wantirna, Surrey Hills, Murrumbeena, Vermont and East Melbourne.

Fitzroy North dropped to the second spot while Wantirna moved down to fifth from its second spot owing to a low demand for property. Ringwood East, meanwhile, improved its rank from eighth to fourth. Surrey Hills regained its seventh spot after falling in the third quarter of 2013.

hockingstuart albert park in full auction mode

Auction time for hockingstuart Albert Park. Photo credit: marketnews.com.au

Michael Coen, Director of hockingstuart Albert Park, revealed the real estate market in Port Philip and Albert Park have been positive over the past year.

He cited several reasons for this – an increase in buyer traffic, high demand for quality property, people including young professionals and empty nesters looking for bigger homes.

With these positive signs, Victorian sales manager of realestate.com.au Ben Auchettl said now can be a good time for property owners to sell their homes owing to the increased number of buyers looking for property in Albert Park.

Oliver Bruce from Marshall White Albert Park

Oliver Bruce cites a community feel as one of many reasons people love to live in Albert Park.

For his part, Oliver Bruce (above), an auctioneer at Marshall White Albert Park, pointed to specific factors for the popularity of Albert Park. These include the unique architecture of homes, the community feel, accessibility to schools and shops, there’s very little traffic and proximity to the city.

Albert Park belongs to the City of Port Philip and is situated 3 kilometers south of Melbourne’s central business district. It boasts of wide streets, heritage buildings, terraced houses, open air cafes, parks as well as mature and exotic trees. The area is also most known as the home of the Australian Grand Prix.

Houses in this suburb are mostly the Victorian terrace type as well as semi-detached housing. Many have so-called heritage overlays or those that have been preserved.

In terms of house price growth, Melbourne has been a top performer over the last five years. Prices in the area went up by almost 30 percent in a short period of only 15 months.

In the last quarter of 2013, Melbourne’s inner and middle suburbs including Fitzroy North, Prahran and Donvale had the highest price growth. The same trend was noted for outer suburbs such as Wantima South, Mount Martha and Hoppers Crossing.

Additionally, homes sold via private sale had a stronger price growth compared to those sold through auctions.

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Wendy Chamberlain from Social Property Selling

By Wendy Chamberlain
Copyright 2014 Social Property Selling

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Social Property Selling is the brainchild of Wendy Chamberlain, a trainer, speaker, International best-selling author and online engagement strategist who combines her online savvy with her passion for real estate to show sellers and real estate agents alike how to achieve a better price when selling a home. To receive your FREE Special Report and how-to articles to expand your real estate toolkit, visit www.SocialPropertySelling.com.

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