Melbourne property market outperforming Sydney
Comparing Melbourne property with Sydney
Many headlines in the property sector are spelling doom and gloom for the housing market. Although we have been seeing property prices trend downward, this is in line with a levelling out across the industry. What is not apparent at first glance is the fact that Melbourne is, in fact, outperforming Sydney. The problem arises that all too often Sydney and Melbourne are simply lobbed in together.
What the numbers say
The latest findings show that Melbourne’s decrease in median house price is half that of Sydney’s -8 per cent Year on Year (realestate.com.au). This means that the Melbourne property sector is somewhat insulated and holding steady. The story is the same in regional Victoria as it continues to perform well.
What about the rental sector?
In the rental market, the average cost of rent in Sydney has also taken a 1.8 per cent dip (Domain Rental Report). Alternatively for Melbourne, rental vacancy rates are tight and rents have been showing higher returns, which is good news for investors.
For advice on Victoria’s housing market, reach out to a hockingstuart expert today.