Melbourne’s 10 most expensive postcodes for apartments

“For these types of buyers, it may not be about the space or the backyard, it may be about the proximity to a particular location or being able to live in a blue chip suburb — a tightly controlled suburb,” she said.

Harcourts agent Andrew Dimashki said despite being 20 kilometres from the CBD, Mount Waverley was one of the most prestigious suburbs in the leafy east and people who lived there didn’t want to leave.

“People who are downsizing are looking to leave their empty nest and move into a modern home, but they have their own community here and they want to stay in the area, see their friends and go to their local RSL nearby,” Dimashki said.

He said many of the suburb’s homes were actually townhouses, much larger than a typical apartment or house and essentially “mini mansions” — something favoured by older buyers in the area.

“They get their dream house, but they’re not going to spend $3 million or $4 million,” he said. “They’re going to go with a townhouse as long as it has a one-bedroom on the first floor.”

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He said the homes were often of higher quality with extras including pantries and multiple bathrooms, which further increased the value of the home. He said in addition to downsizers, the homes also attracted international buyers.

“Buyers from Hong Kong and mainland China want low-maintenance living and they’ve made that clear to us,” he said.

Jellis Craig’s David Ferro said in neighbouring suburbs slightly north, Balwyn and Surrey Hills, young professionals were also active in the apartment market.

“They were in their 30s, had no children and were on a good income,” Ferro said. “They wanted to live in the popular leafy eastern area of ​​Borondara.

“But downsizers remain a big factor in the strength of the apartment market. They no longer need a large home, but they don’t want to leave their suburbs.”

As well as the leafy streets of the east, inner-city suburbs Toorak and Fitzroy and bayside suburbs Brighton and Hampton also made the top 10.

Marshall White agent Ewan Bennett said the Hamptons had begun to see families buying townhouses to save on cost of living pressures, including garden and house maintenance and energy costs. He said the Hamptons were also a second choice for those who couldn’t afford nearby Brighton.

“There’s no ‘Brighton tax’ here, but it’s still an enviable area,” Bennett said. “There’s also a trend towards downsizing. They want apartments with lifts, easy access to the city and if they have the money they might even buy a penthouse.”

Powell said people tended to pay a premium to live in blue-chip areas, whether they were close to the city or had other features that gave them prestige, whether it was waterfront, amenities or good schools.

“This suggests some buyers are willing to pay more for properties in premium suburbs or the city centre,” she said. “Land is expensive and apartments in these premium locations offer less space.”