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Where to buy a home in Melbourne: Suburbs with the most properties for sale

Post Author Christina ZhoutwitterDomain Reporter
House prices from state to state
This is what happens when you have all the states over for a BBQ and the topic of house prices comes up.
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Melbourne auction clearance rates are hovering about 80 per cent each week, with buyers paying hundreds and thousands of dollars over reserve to trump their competition.

Agents attribute the strong results to a shortage of quality stock, though there are generally more listings this year compared to last year.

So where is the most choice for buyers in a hot market?

49 Tuxen Street, Balwyn North, is in the Balwyn High zone.49 Tuxen Street, Balwyn North, is in the Balwyn High zone. Photo: Marshall White

Domain Group data reveals the suburbs with the most private treaty and auction listings for houses and units over March by distance from the CBD.

For house hunters looking for choice within five kilometres of the city, Richmond, Toorak, South Yarra, Prahran and Port Melbourne each offered at least 38 properties.

New developments in Melbourne, Southbank, Docklands and South Yarra have also created a surge of apartment listings.

99 Buckingham Street, Richmond, sold for about $200,000 over reserve.99 Buckingham Street, Richmond, sold for about $200,000 over reserve. Photo: Biggin&Scott

Domain Group chief economist Andrew Wilson said there was generally a feeling that it was a good time to sell.

A lot more new stock had come on the market in Richmond, where price growth was moderating after years of strong growth, he said. 

But Biggin and Scott Richmond director Russell Cambridge believed house prices “continued to kick this year”.

430-432 Victoria Street, Richmond, soared $1.1 million over reserve.430-432 Victoria Street, Richmond, soared $1.1 million over reserve. Photo: Biggin&Scott

“Last year was dismal for volume, for turnover — hence the price increases,” Mr Cambridge said, adding that houses were still selling above expectations. 

Two neighbouring houses marketed as a development site at 430-432 Victoria Street, sold for a whopping $1.1 million over reserve last month. A buyer looking to build a new home trumped developers to purchase the 540-square metre site for $3.4 million at auction.

Mr Cambridge said houses drew a minimum of three strong bidders, with single-fronted Victorians particularly in demand. A two-bedroom house at 99 Buckingham Street recently fetched $1,412,000 — about $200,000 over reserve.

But there were also opportunities to buy a house for less than $1 million. A timber cottage at 29 Cutter Street passed in at auction without a bid on Saturday, and is now selling privately for $929,000.

There is generally more choice as house hunters travelled further out; with Balwyn North, Kew and Preston offering the most February and March listings, between five and 10 kilometres of the CBD.

Marshall White Boroondara‘s Robert Ding said Balwyn North was a large suburb with big peaks and troughs.

Many vendors wanted to sell while the market was strong, and a lot of properties would come on, he said.

“North Balwyn has been known as a family-orientated area, so therefore it’s not as attractive for the younger generation to move out there,” he said. “Hawthorn and Kew are always kicking goals and the turnover is always there because that’s their first port of call and first choice.”

There were many large French provincial homes on the market in Balwyn North, but their designs were not particularly different from one another, so buyers would be more discerning, Mr Ding said. “There’s the demographic of buyers looking to buy land, [and] land is no different to one another apart from location,” he said. 

Surrounding suburbs, such as Hawthorn and Kew, had better clearance rates than Balwyn North because there was greater variety in the types of properties and more period and renovated homes, Mr Ding added.

  • Suburbs with the most February house listings (10 to 20km of the CBD)
  1. Truganina 411
  2. Epping 188
  3. St Albans 160 
  4. Glen Waverley 151 
  5. Doncaster 133
  • Suburbs with the most March house listings (10 to 20km of the CBD)
  1. Truganina 422
  2. Epping 167
  3. Glen Waverley 162
  4. Reservoir 162
  5. St Albans 155

  • Suburbs with the most February house listings (20 to 30km of the CBD)
  1. Tarneit 988 
  2. Point Cook 943
  3. Wollert 570
  4. Werribee 558 
  5. Craigieburn 473
  • Suburbs with the most March house listings (20 to 30km of the CBD)
  1. Tarneit 999
  2. Point Cook 930
  3. Werribee 659
  4. Wollert 587
  5. Craigieburn 505

  • Suburbs with the most February house listings (30 to 40km of the CBD)
  1. Melton South 628 
  2. Melton West 595 
  3. Wyndham Vale 580 
  4. Sunbury 265 
  5. Hampton Park 180
  • Suburbs with the most March house listings (30 to 40km of the CBD)
  1. Wyndham Vale 735
  2. Melton South 644
  3. Melton West 579
  4. Sunbury 268
  5. Frankston 176