A small seaside community in New South Wales has topped the list as the most desirable suburb to purchase property in, according to new figures.
North Narrabeen, in northern Sydney, has been enticing potential home buyers with its idyllic beaches and laid back lifestyle.
The suburb, which has a median property of $1,420,000, had the most views per listing overall for the 12 months to January 31, according to realestatecom.au.
Oyster Bay, which is 26 kilometres south of the Sydney, was a close second for the most popular suburb overall, followed by Melbourne’s Watsonia.
Watsonia, (pictured) in Melbourne, Victoria, was one of the most desirable suburbs for property buyers this year
North Narrabeen, in northern Sydney, has been enticing potential home buyers with its idyllic beaches and laid back lifestyle (pictured: A home for sale in North Narrabeen)
The median house price in Oyster Bay is $1,197,500, whereas Watsonia is more affordable at $733,000.
The property website ranked the most popular suburbs for houses, units and overall.
Sydney’s hipster hotspot Newtown ranked number one as the most desirable suburb for house buyers.
Followed by south Melbourne and Hornsby in Sydney’s Upper North Shore.
The top suburbs for units were in Collaroy, NSW, Mitcham, Vic, and Sandy Bay, TAS.
National Head of Sales and Chief Auctioneer at The Agency, Thomas McGlynn said the top spots were similar in lifestyle characteristics.
He called the suburbs ‘Instagrammable’ with good architecture.
Australia’s property market has seen a drastic turnaround as market continues to gather momentum from the slump just last year.
Supply in the top suburbs has been outstripping demand, according to Mr McGlynn, which has seen prices skyrocket.
Homes in Collaroy, in northern Sydney were among the most desirable according to leading property website realestate.com
Oyster Bay, which is 26 kilometres south of the Sydney, was a close second for the most popular suburb overall, followed by Melbourne’s Watsonia
‘Some of these suburbs can come out of nowhere because people are looking for value and for suburbs where they are going to get a similar lifestyle to their more salubrious cousins but at half the price,’ he told the Daily Telegraph.
Sales agent Charles Bailey of Urbane Property said the interest in Newtown was similar to what they have previously seen in Paddington and Surry Hills.
Corelogic figures show house prices have been soaring for the year to February 2020.
Melbourne’s inner east, which includes the upmarket suburbs of Kew and Hawthorn, was Australia’s best performing market with property values increased by 18.3 per cent.
Sydney is also bouncing back from a record downturn, with property prices in the Baulkham Hills and Hawkesbury, Inner West and Ryde areas climbing by an impressive 16 per cent.
The Tasmanian capital had until last year been Australia’s best performing housing market.
The median house price in Oyster Bay (pictured) is $1,197,500, whereas Watsonia is more affordable at $733,000