Melbourne’s Suburbs Where It is Hardest to Buy a House
As per CoreLogic RP Data Brunswick East was the hardest suburb in Melbourne to buy a house.
The property data and analytics firm made an analysis to measure the ease of buying a house in the city. The CoreLogic RP Data showed that only 2% of houses in Brunswick East had been advertised for sale in the past year and those houses that did sell had been owned for well over the metropolitan average of 14 years
According to CoreLogic RP Data, when comparison was made, 5.3% of all houses in Melbourne had been advertised for sale and those houses sold over the same 12 month period had been owned for an average of 11.8 years.
The analysis made also listed some other suburbs where houses were tightly held over the year that include Carlton, Fairfield and Fitzroy North, where the proportion of houses placed for sale was below 3%.
Robert Larocca, Victoria housing market specialist for CoreLogic RP Data said, “These inner north suburbs of Melbourne have been in strong demand from buyers but the owners have not been as willing to sell”.
He further added, “With some exceptions there is a correlation between the period of ownership, the recent capital growth and likelihood to list for sale”.
CoreLogic RP Data doesn’t cover that ‘off market’ transactions because those homes are not listed for sale. A small number of those will be the homes sold direct by the owners but the majority are those transacted with the assistance of a buyers’ agent
News Source: https://www.mywealth.commbank.com.au/property/brunswick-east-house-prices-surge-due-to-fewer-buyer-options-news20150310