Grand estates with pools and tennis courts are attracting househunters to Park Orchards.
PARK Orchards has been dubbed one of Australia’s most in-demand suburbs, attracting high traffic from househunters on realestate.com.au.
In the latest Property Outlook report Park Orchards ranked seventh in Australia’s most searched suburbs.
It came in second place for Victoria, with Red Hill on the Mornington Peninsula taking top spot for the state.
The report ranks the country’s most sought-after suburbs based on the number of property views against the average number of property listings.
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One of the suburb’s premium properties at 9-11 Arundel Rd will head under the hammer on October 27.
The Tuscan-inspired home comes with $2.6-$2.8 million price hopes.
Barry Plant Doncaster East director Theo Politis said luxury, lifestyle and grand homes had proved popular with buyers in Park Orchards.
“It’s a lifestyle type of suburb, family orientated with a community feel without being too far away from the city,” Mr Politis said.
“People are moving there for more space, more room for the kids to play in the backyard and privacy.”
Another prestige property on the market is a four-bedroom home at 31 Knees Rd.
The grand estate has a $6.5-$7.15 million price tag.
Mr Politis said the suburb’s streetscapes and high-end estates were also part of the appeal.
“A lot of younger families are moving there for a large block of land and they know they are not going to get built out by townhouses and apartments,” he said.
“The demand is there, it’s a very small suburb and there is not a lot of turnover.”
Park Orchards’ median house price has increased 62.5 per cent in the past five years to almost $1.507 million, according to CoreLogic. The suburb has an average hold period of 13.4 years and only 19 houses have been sold in the past 12 months.
It is on the market with a $1.59-$1.69 million price guide.
Realestate.com.au chief economist Nerida Conisbee said all the suburbs featured in the report, in particular Park Orchards, were tightly held.
“With Red Hill and Park Orchards, they are quite far from town but offer the ability to buy beautiful, big homes,” Ms Consibee said.
“Dollar per square metre you get a lot more for your money in those areas than when you move quite central into the inner Melbourne suburbs.
“In Park Orchards you get really large, high quality homes on big blocks, which is quite unique.”
The Tasmanian suburb of South Hobart was the nation’s most in demand, according to the report.
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