Real Estate Institute of Victoria (REIV) president Richard Simpson has broken down the current home buying hotpots in and around Melbourne, based on the latest REIV sales data.
Richard says the Melbourne housing market peaked around November 2021 coming out of the COVID-19 lockdowns, with price growth continuing but flattening slightly in early 2022 across Melbourne.
House prices have also risen further from the metropolitan area as city-dwellers relocate to the regions in search of more affordable homes.
“We’ve seen a trend where people have moved away from Melbourne into the regions, but a lot of them are still commuting two or three days a week from their new regional base while they work from home the rest of the week,” Richard says.
Let's take a look at Richard's top Melbourne suburbs.