When the topic of Australian Real Estate
comes, most of the people give more preference to Melbourne than Sydney, why?
The data of houses/ flats sold and bought is varying a lot in terms of these
two. It is being drawn from the data that Melbourne is surpassing Sydney.
Basically Melbourne has posted quarterly
home price growth of 5%, increased by 2.3% rise during the month of September.
Whereas Sydney, still recorded strong price increased by 3.5% over the quarter,
but 0.8% only last month.
When we talk on the other hand Sydney's
annual price growth is 10.2%, which is still strongest in the nation but don't
think that Melbourne is lagging behind as Melbourne is closing its annual price
at 9%, which is quite significant.
Mr. Tim Lawless, the CoreLogics Head of
Asia-Pacific research predicted that no one should expect this cycle could
really last that much longer. He also added that there are clear parallels with
the property booms of the early 2000s, where Sydney home price surged between
2000-2004, before leveling off and even dropping afterward and recovering
until 2009.
Henceforth, Sydney is now facing a very
nice and great competition from Melbourne, as Melbourne is just following it in
terms of the rise of the property price. However, if take a look towards the mining
regions, it can be seen that North Western Australia is quite worsen for the
investors. In that term, Sydney and Melbourne is a very good option for
everyone.
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