Victorians are flocking to Hobart for its scenic landscapes and affordable homes.
Interstate buyers are ramping up their searches for inner Melbourne property in the post-lockdown era, as Victorians dream of their own Tassie hideaways.
Hobart has been revealed as the top destination for Victorian property seekers on realestate.com.au over spring and summer, with neighbouring suburbs Sandy Bay and Kingston — plus Launceston at the island’s northern tip — all in the top 10.
Richmond has been the most popular Victorian destination for interstate buyers, followed closely by the CBD as it rapidly regains ground from being one of the most maligned markets in Australia during the lockdown age.
RELATED: Where interstate and local buyers are shopping in Hobart and Tasmania
Melbourne real estate: Offshore searches for Victorian property hit highest level on record
Victoria fires up for biggest spring selling season of the decade as interstate buyers look to return
The Hobart fishing marina and city skyline with reflections of the surrounding object in the water.
Richmond was the most searched suburb by interstate buyers, who looked at houses such as 76 Laity St, which is for sale for $1.15m.
Belle Property Richmond director Daniel Atsis said Richmond had always been popular with interstate buyers due to its proximity to the CBD and the MCG.
“People try to gravitate to those lifestyle options,” Mr Atsis said.
He said the buyer demographic was predominantly dual income professionals without kids.
South Yarra, Brighton and Toorak were joined by Gisborne, which was likely boosted by The Block‘s 2022 season, at the top of interstate buyers’ Victorian hot spots.
PropTrack economist Anne Flaherty said the surge of Victorians migrating to Tasmania began at the height of the pandemic, with its proximity and lush scenery attracting buyers.
“It’s incredibly scenic so a lot of people view it as a great place to have a holiday home,” Ms Flaherty said.
“We’ve seen a big increase in demand across the border in the greater Hobart area and interstate buyers have been a big part of that.
“It’s an area where buyer demand has exceeded the properties for sale for some time, and has generally had strong price growth compared to the start of the pandemic.”
Peterswald Battery Point director Kim Morgan also noted more Victorians moving to Tasmania for its lifestyle opportunities since lockdowns began.
“We’ve had a good number of inquiries in the past week and I could swear they’re all Victorians,” Mr Morgan said.
“It’s a temptation because we’re only 45 minutes (by plane) from Melbourne, and you can be five minutes from schools, the wilderness, the water and probably get a much more affordable home than you would in a similar location in Melbourne.”
Queensland hot spots including Surfers Paradise and Palm Cove also ranked highly in Victorian searches, as buyers continue to migrate north for its warmer climate.
Victorians also sought Queensland homes in suburbs such as Surfers Paradise and Palm Cove. Picture: iStock
Ms Flaherty said there had been record levels of migration from Victoria and New South Wales to Queensland during the pandemic for “obvious reasons”.
“While the trend is not as extreme as it was, it’s certainly a really popular place to have a holiday home, particularly the Gold Coast,” she said.
“We see a lot of people looking to retire in Queensland and on the Gold Coast, so certainly a large proportion of those people searching would be looking for a retirement home.”
Ms Flaherty said “the impact of The Block” could not be underplayed when it came to Gisborne’s popularity.
“We see a surge in activity in a specific suburb if it gets attention, like the ‘Chris Hemsworth effect’ in Byron Bay,” she said.
“But when we do see strong search data it’s not just out of curiosity, people are genuinely looking to buy.”
Gisborne also soared in popularity since The Block, with homes like 145 Short Rd for sale for $3.25m.
71 Caroline St, South Yarra, is for sale with a $2.65m asking price.
Jellis Craig Stonnington director Carla Fetter, who sells a number of properties in Toorak and South Yarra, said the influx of interstate buyers included those who previously lived in Melbourne before the pandemic.
“We weren’t a very desirable city to live in (during lockdown) and we saw a lot of migration out, but buyers are looking to come back and they’re also seeing some good buying opportunities,” Ms Fetter said.
“If you look at South Yarra and Toorak, they’re traditionally very highly sought-after suburbs due to the amenities, architecture and the prestigious homes lining those areas.”
Ms Fetter added she had seen a noticeable increase in both interstate and international inquiries in the area.
“The market has adjusted to the different conditions and so our read is we know there will be some added interest rates but with the reduced stock levels, buyers will be pretty eager to jump out of the blocks when new properties are listed later this month,” she said.
“But properties need to be priced accurately or they will struggle to sell.”
TOP VICTORIAN SUBURBS BY INTERSTATE HOUSE HUNTERS
Oct 1, 2022-Dec 31, 2022
1. Richmond
2. Melbourne
3. South Yarra
4. Brunswick
5. Gisborne
6. Wodonga
7. Brighton
8. Carlton
9. Toorak
10. Hawthorn
Source: PropTrack
WHERE VICTORIANS ARE LOOKING INTERSTATE
Oct 1, 2022-Dec 31, 2022
1. Hobart
2. Broadbeach
3. Burleigh Heads
4. Moama
5. Launceston
6. Sandy Bay
7. Kingston
8. Surfers Paradise
9. Adelaide
10. Palm Cove
Source: PropTrack
Sign up to the Herald Sun Weekly Real Estate Update. Click here to get the latest Victorian property market news delivered direct to your inbox.
MORE: Bridgford House: Robin Boyd Black Rock design up for rent
Melbourne’s top 100 streets revealed by Suburbtrends | LIST
Bendigo: Luxury mansion where Priscilla Presley stayed for Elvis exhibition hits market
emily.holgate@news.com.au
Comments