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How is Melbourne outshining Sydney?

ByJamil Allouche

For years and years, the property market in Sydney has been at the top of the country's ladder – but now Melbourne has caught up. Not only that, the cultural capital of Australia has just overtaken the Harbour City for total gross returns on properties over the past 12 months.

How's that for a shift in the market? Real estate in Brunswick could well be swept up quickly in the next few months on the back of this information, and you should be taking advantage.

Melbourne shooting ahead

According to a CoreLogic RP Data report, Melbourne has shot past Sydney when it comes to gross returns on dwellings from January 2015.

Sydney's figure lies at 14.4 per cent, while Melbourne has edged ahead at 14.5 per cent. Sydney's median dwelling price is still almost $200,000 more than Melbourne's $595,000, but greater returns for lesser initial outlay could spell a strong wave of investment into the city in the near future.

"Melbourne's housing market has been more resilient to slowing growth conditions, which has propelled the annual growth rate to the highest of any capital city, with dwelling values 11 per cent higher over the past 12 months," said CoreLogic RP Data's head of research Tim Lawless.

"The latest data reveals Sydney's housing market is now playing second fiddle to Melbourne's."

What does this mean for market confidence?

The ANZ/Property Council Survey states that the overall market in Victoria is experiencing a great period of strength. At 137 points, it lies above the national average of 131, while 100 is considered a neutral score. So much confidence can only lead to a continuation of the burgeoning we have seen with these above figures, and that's fantastic news for owners of property in Brunswick.

Thinking about selling your home? Get in touch with the team at Ray White Brunswick today to see what we can do for you.

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