Victoria 2024 End of Year Wrap

Most Wanted Property Type

Top Keyword Searches

“Art deco” has gained significant attention, soaring to second place, up from eighth, and reflecting a broader appreciation for vintage design and architectural charm.

There is a growing desire for homes with character and historical significance, with "heritage" jumping to eighth place from outside the top 30.

Searches for “study” have dropped from third to seventh this year, hinting at a shift in work-from-home dynamics as office returns become more common.

“Warehouse” has climbed to sixth place from 12th last year, indicating an increasing appeal for industrial-style living or creative spaces.

Green space has become less of a priority, with “garden” falling out of the top 20 and "courtyard" dropping from second to fourth. This shift in preferences is possibly due to the pandemic-driven demand for outdoor areas fading with the return to normalcy.

The search for lifestyle or more affordable pastures remains strong with 31% of Regional Victoria enquiries coming from Melburnians, while only 4% are looking at a city move.

While most home hunters across Victoria come from within the state (73%), some set their sights on Queensland (6%) as affordability and lifestyle calls, while others are looking towards NSW (13%).

In Demand Suburbs

1.    Albert Park

2.   Middle Park

3.   Toorak

4.   Carlton North

5.   Malvern

Suburbs with the Quickest Sales

Suburb	Days of Market
Skye	28 days
Clifton Hill	29 days
Carrum Downs	31 days
Mill Park	31 days
Montrose	31 days

Suburbs with the Highest Clearance Rates

Suburb	Clearance Rates
Clarinda	86.7%
Gladstone Park	85.2%
Blackburn North	83.2%
Aspendale Gardens	81.8%
Frankston North	81.8%

Price Per Square Meter

Most Expensive Suburbs	$/m2
Albert Park	$13,848/m2
South Melbourne	$11,979/m2
Fitzroy	$11,211/m2
Carlton North	$9,735/m2
Port Melbourne	$9,324/m2

Least Expensive Suburbs	$/m2
Emerald	$433/m2
Cockatoo	$459/m2
Romsey	$550/m2
Upwey	$720/m2
Belgrave	$724/m2

Areas with the highest proportion of distressed listings

1.     Casey, 4.2%

2.    Dandenong, 3.7%

3.    Melbourne City, 3.4%

4.    Stonnington - East, 2.9%

5.    Whitehorse - West, 2.7%

Source: Domain End of Year Wrap - 2024

This article is intended for informational purposes only and does not constitute legal, tax, or financial advice. Always seek professional counsel tailored to your specific situation. Remember, all loan applications are subject to the lender’s approval and conditions, including fees and charges.