One of the designer homes featured on The Block in 2017.
One of the designer homes featured on The Block in 2017.

Why everyone wants to live on this street

Designer homes and the drawcard of the popular television show The Block have led to the Melbourne property market dominating Australia's top 10 list for most in demand streets, new data shows.

Eight are located in the Victorian capital city with the scene of the renovation challenge's 2017 season on Regent Street in Elsternwick sitting on top despite its suburb's pricey median house value of $1.82 million.

The realestate.com.au figures - which are based off search activity from millions of data entries before being analysed by the site's chief economist Nerida Conisbee - reveal the popular streets typically feature expensive and grand homes.

"We do see a lot of people searching on our site just to find a house but also for a bit of inspiration and ideas," she told news.com.au.

"And also just to have a bit of a sticky beak to see how other people live."

The most in demand streets in Australia for buyers. Source: Realestate.com.au
The most in demand streets in Australia for buyers. Source: Realestate.com.au

The row of premium homes on Regent Street featured in The Block was also another factor, Ms Conisbee said.

"It would have had very high views because people would have wanted to see the house on The Block and then they would have wanted to see what's around it," she said.

The data looked at the most in demand streets for people searching for houses for sale on realestate.com.au over a three-year period up until March 31, 2019.

Therefore the recent 12-month weakness in the Melbourne property market is outweighed by the strength from the two years prior.

The Block house by Jason and Sarah at 46e Regent St Elsternwick in the 2017 season.
The Block house by Jason and Sarah at 46e Regent St Elsternwick in the 2017 season.

The top four streets are all in the second largest Australian city, located in the suburbs of Collingwood, Elwood, and Eltham all following Elsternwick. Kew, St Kilda and Eaglemont also feature from Melbourne.

Cross Street in Mosman, on Sydney's affluent north shore, comes in at number five and comfortably has the top 10's highest median house price by suburb at $3.78 million.

While Dauphin Terrace in Brisbane's Highgate Hill is the only other non-Victorian street represented.

Realestate.com.au's data of the most in demand streets had a different theme to the spots featured on its most in demand suburbs released earlier this month.

The suburb list was predominantly areas in Adelaide and Sydney and was more in line with buyers sensing a bargain rather than notions such as television fame and inspiration.

The suburb data, however, was collected over 12-months rather than a three-year period.

The most in demand streets in Australia for renters. Source: Realestate.com.au
The most in demand streets in Australia for renters. Source: Realestate.com.au

Realestate.com.au also revealed its data for the most searched streets for rental properties, which Ms Conisbee said was different again to the most in demand street for those searching to buy.

"That seemed to show up places that have very high rental demand," she told news.com.au.

That category had a more even spread, with every state and territory in the country featuring in the top 10.

In contrast to the glitz of Regent Street in Elsternwick, Thadoona Street in Canberra's northern suburb Crace sat on top, followed by Turner Street in Sydney's Blacktown and then Buckingham Street in Darwin's suburb, Gunn.

Meanwhile, the Melbourne and Sydney property markets continues to slide, with both of Australia's major cities' median price losing 0.8 per cent in the last quarter, recent realestate.com.au figures show.

This takes Sydney's year-on-year fall to 8 per cent and nearly 10 per cent in 18 months.

Melbourne's is nearly half that, sliding 4.1 per cent.

The latest figures are in line with the property site's reading of the housing market - which is far less gloomy than the view taken by other providers - with Ms Conisbee rebuking claims Australia was in the middle of the worst downturn in decades.

She said a key indicator for a dramatic property bubble burst was homes being forcibly closed and sold on a large scale.

"We're not seeing distress, that's the key at the moment," Ms Conisbee told news.com.au.

The economist said any sign of a dramatic downturn in the housing market would be shown on the site because a high number of listings would be forcibly put up for sale.

"We're not seeing a massive uptick in new listings, they're actually going down," she said.

"What seems to be happening is people are holding off, watching and waiting."

Perth and Darwin lost 0.5 and 0.7 respectively for the quarter, and both are more than 3 per cent lower year-on-year.

Adelaide and Canberra were flat for the quarter and nearly 1 per cent higher each for the year, while Hobart was the only capital city to eke out a gain for the quarter and now sits 5 per cent stronger for the year.

Melbourne is where realestate.com.au's reading of the market differs from other leading suppliers of property modelling.

CoreLogic's most recent data says the Victorian capital has lost 10.3 per cent from its November 2017 peak, which it says makes it the worst peak-to-trough fall since the research firm began collecting data in 1980.

"Melbourne has just edged into new record territory," CoreLogic head of research Tim Lawless said at the start of April.

But Ms Conisbee said the struggles of Australia's second largest city weren't so dramatic.

"Melbourne frequently gets lumped in with Sydney when discussing the falling market, but the reality is Melbourne is holding up a lot better," she said.

"Prices are down, but the falls are less than half those experienced by Sydney."

She says a number of indicators paint a rosier picture of the Melbourne market, such as views per listing, strong rental demand, rental prices, and foreign property seekers being far more active in searching for investments there than in Sydney.

"With all the measurements we look at, we're not seeing Melbourne and Sydney running jointly together," Ms Conisbee told news.com.au.

"We're seeing Sydney doing far worse."

Continue the conversation on Twitter @James_P_Hall or james.hall1@news.com.au


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