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A surprise list of Melbourne’s most-exclusive suburbs has revealed the areas where homebuyers face stiff competition and a long wait to buy.
Suburbs like Kilsyth South, Clarinda, and Watsonia North are virtually off the table for prospective purchasers, with under five listings on realestate.com.au — a tiny fraction of the thousands of homes in the suburb.
A SuburbData report shows Kilsyth South has just 0.1 per cent of its property stock currently available, with Clarinda and Watsonia North following closely at 0.2 per cent each.
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Barry Plant Boronia’s sales executive, Alex Garbuio, said families moving into Kilsyth South were usually buying their forever home.
“The people that I’m selling homes for in the area have been there for over 40 years — they were the first people on their street,” Mr Garbuio said.
“The blocks are bigger, and there are no plans for the development of townhouses in the area.”
Jellis Craig Greensborough’s Alex Flannagan wasn’t surprised to see Watsonia North near the top of the list.
“Every time I sell a property there, buyers comment on the neighbourhood; the people are welcoming and genuine — it’s a really nice community,” Mr Flannagan said.
“The location, greenery, access to amenities, the ring road, and future North East Link will make access to the city more efficient.
“People just won’t want to move from here.”
Eda Property founder Anissa Cavallo advises buyers to focus on long-term economic drivers and fundamentals.
“Your home is your biggest asset – you’re going to buy property, you want to make money out of it,” Ms Cavallo said.
As the property market tightens, buyers are finding it increasingly challenging to secure homes in Melbourne’s most tightly-held northern and northeastern suburbs.
SUBURB |
TYPICAL VALUE |
NUMBER OF DWELLINGS |
PERCENTAGE OF STOCK ON MARKET (%) |
| KILSYTH SOUTH | $1,258,900 | 816 | 0.1 |
| CLARINDA | $962,200 | 2043 | 0.2 |
| WATSONIA NORTH | $864,800 | 1246 | 0.2 |
| WATERWAYS | $1,302,400 | 610 | 0.2 |
| WATTLE GLEN | $1,188,000 | 562 | 0.2 |
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