The residential property market differs from suburb to suburb in many different ways.
Some suburbs are tightly held, some are in high demand from buyers and in others, sellers are seeking to capitalise on improved local conditions.
It is in these suburbs that CoreLogic RP Data has recorded a substantial increase in the number of houses listed for sale compared to a year ago.
In undertaking this analysis only those Melbourne suburbs within a 30 km of the CBD have been considered as outside of this, development suburbs become more prevalent and that affects the outcome.
A lot has to do with property developers
In those suburbs the high rate of listings is a factor of developers’ centralised decision-making as opposed to the individual decisions of hundreds of owners.
The suburb where owners have been seemingly queuing up to sell is Doncaster.
Compared to a year ago there has been a 41 per cent rise in listings.
Over the same time the median sale price has grown by 15.5 per cent, well in excess of the citywide 9.7 per cent.
This suggests that sellers have been motivated by high buyer demand.
Second on the list is Heidelberg Heights with a 33.3 per cent rise in listings.
Not unlike Doncaster, sellers have been rewarded for their decision with the median sale price rising by 14 per cent.
Third on the list is Burwood East where those seeking to sell have increased by 30.9 per cent.
It is followed by
- Forest Hill,
- Vermont South,
- Glen Iris and
- Altona North.
The common factor in each case is an above average rise in the median selling price.
Now of course there are exceptions to this, for instance Bayswater has seen a 17 per cent fall in listings and 11.5 per cent rise in the median selling price but the in the majority of circumstances strong local markets encourage owners to sell.