Saturday, 12 November 2016

Property Boom In Sydney and Melbourne

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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