InfoTrack’s Q3 2024 Property Market Update has revealed exciting developments in Victoria’s real estate landscape. With Melbourne’s property market evolving rapidly, the latest data on the top 10 suburbs based on sales by postcode highlights key trends for real estate agents to watch. While Melbourne CBD (3000) and Tarneit (3029) remain in fierce competition for the top spot, the western suburbs continue to gain momentum, and new entrants are reshaping the market.
The top 10 suburbs based on sales by postcode for Q3 are:
For comparison, the top 10 suburbs based on sales by postcode for Q2 were:
Melbourne CBD and Tarneit have been competing for the top spot in Victoria’s property market, as seen in the top 10 suburbs based on sales by postcode. In Q2, Tarneit marginally took the lead, however Q3 has seen Melbourne claim the number one position. These postcodes have consistently been popular choices among homebuyers and cater to different buyer profiles.
Tarneit, located 25km west of Melbourne CBD, has experienced rapid growth and transformation over recent years. Its accessibility to the city, ongoing infrastructure developments and more spacious homes make it an attractive option for homebuyers seeking affordability. According to data from realestate.com.au, Tarneit’s steady median house price of $650,000 since January 2022 to present underscores the suburbs stability and resilience amidst fluctuations in the property market.
In contrast, high-rise living dominates the market in Melbourne CBD. The central location appeals to buyers who prioritise convenience, with easy access to work, entertainment, dining and retail. Melbourne saw a dip in median unit prices during the pandemic, however prices have been climbing back to pre-pandemic levels, now reaching $580,000 and signalling renewed buyer confidence in the city.
Four new entrants made their debut in Q3’s top 10 suburbs based on sales by postcode – Southbank (3006), Footscray (3011), Craigieburn (3064), and Hoppers Crossing (3029). These suburbs span across different corners of Melbourne, each offering unique value to homebuyers.
The most remarkable breakthrough comes from Southbank, which has surged to fourth place in the top 10 list, having not featured in Q2. Southbank’s appeal lies in its prime location that offers high-rise living, stunning views, and being just a stone’s throw away from Melbourne’s CBD. Its proximity to the current number one suburb, Melbourne 3000, may contribute to its rising popularity, as buyers expand their search just outside the city centre.
Footscray (3011), Craigieburn (3064), and Hoppers Crossing (3029) also featured in seventh, ninth and tenth positions on the list. Footscray’s proximity to the CBD and other current hotspots makes it a desirable location for those seeking a blend of city life and community atmosphere, whereas Craigieburn is the only northern Melbourne suburb to feature in the list. Hoppers Crossing shares its postcode with several western Melbourne suburbs in the top 10 list, suggesting that activity is taking off in this area of the city.
Western suburbs Hoppers Crossing, Tarneit and Truganina (postcode 3029) and Point Cook and Werribee (3030) have dominated the top 10 list this quarter. This cluster of suburbs, located near one another, benefit from ongoing infrastructure improvements, more affordable property prices, and their reasonable location to the city make them key hotspots for homebuyers. These western suburbs are establishing themselves as prime real estate hubs with promising growth prospects.
This dynamic mix of established and emerging suburbs in Melbourne provides opportunity for real estate agents to adapt their strategies and attract buyers in the final quarter of the year.
You can uncover more trends in InfoTrack’s latest Property Market Update here.