Melton As of late many people from Sydney wanting to get their into the property market are turning to Melbourne. For Melbourne Property Developers and Agents it has been something to certainly celebrate over, as there has been a noted 30% rise in property inquiry as of recent times.
The reason? Affordability. Melbourne has very affordable investments to offer people in Sydney who are being hit by the continuous rise in property price. Of course for most, it is preferable to invest in the same state and closer to themselves, but for those wanting to break into the property market, buying in Melbourne at the moment is the savviest option.
Currently the median price of a unit in Sydney is $656,166 compared to a median price of a unit in Melbourne for $444,370. That means in the last 5 years property prices for units has risen 42.5% compared to a much steadier rise of 7.4% in Melbourne. Although last year the increase in unit prices for Sydney was 5.8% and Melbourne was 3.8% – a lot closer than the first comparison. Could this now mean that Melbourne is catching up to Syndey prices? One statistic alone will not indicate that but it is certainly some food for thought.
Does that mean you should make your move in Melbourne’s property market in the hope that Melbourne will soon after follow in Sydney’s footsteps? This could very well happen and great if it does for someone purchasing property right now.
There is no question that Melbourne is definitely attracting interstate buyers because of the value for money you can get here!
Want to know more about Melbourne’s/Melton’s property market? Call the Professionals Ryder Real Estate Melton today, to chat to one of our experienced, local agents. – 9743 6400
Source – Domain
Image – Aussie Working Holiday
