Over the past twelve months 4.25 per cent of all houses in Melbourne have been sold. While this result is lower than the very strong years of sales over 2007 and 2010, it still represents almost one in twenty houses.
The suburbs featuring the highest number of sales in raw terms are those in the growth areas. Pakenham tops the list, followed by Point Cook, Berwick, Frankston and Craigieburn.
Frankston is the wild card in the list as it is not a growth suburb. This is reflected in the fact that less than 5 per cent of Frankston houses sold over the year. The remaining suburbs recorded over 5 per cent.
Accounting for suburb size some of the newer suburbs top the list. These include Wollert were over one in eight homes sold followed by Sandhurst, Lyndhurst, Brookfield and Cranbourne East.
A more in depth analysis of the list shows that a few suburbs would be considered as ‘established’ but whose high proportion of sales shows they are undergoing substantial change through infill development or significant new estates. The five most significant of these are Mount Martha, Oak Park, Pascoe Vale, Port Melbourne and Aberfedlie.
In the city’s north two of these suburbs undergoing a comparatively high degree of change and where large volume of sales are taking place. The small but well priced suburb of Oak Park with only 1,700 houses has seen 100 properties sold while neighbouring Pascoe Vale which is more affordable, has seen 247 of its 4,314 sold.
RP Data Victoria Housing Market Specialist