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Melbourne’s property market healthier than Sydney’s?

By Jamil Allouche

A new study has revealed there is a higher proportion of people in Melbourne intending to buy property than in Sydney.

Roy Morgan Research released the report, which showed a high proportion of residents in Melbourne are currently in the market for property or will be over the next 12 months, overtaking Sydney.

This is probably an indication of the frenetic property market, with the median price of a property in Sydney over $270,000 more than in Melbourne, according to the Domain Group's most recent House Price Report.

In its latest report, the Property Council of Australia commended Victoria on managing the property market by embracing lively planning reform.

The 2015 Development Assessment Report Card rates the states and territories of Australia on jobs, prosperity and community.

Victoria was ranked in third, four places above New South Wales in seventh.

Furthermore, CoreLogic's RP Data National Auction Preview for the week ending June 14 2015, shows that in the coming weeks, there will be significantly more auctions scheduled in Melbourne than in Sydney.

The figures

  • 8.3 per cent (306,610) of residents in Melbourne plan to buy or build a home in the next 12 months
  • 6.8 per cent is the national average
  • $630,000 is the median price for a house in Melbourne
  • $764,000 is the median price for a house in Brunswick
  • $914,000 is the median price for a house in Sydney
  • 864 auctions scheduled in Melbourne next week
  • 753 auctions scheduled in Sydney next week

Property in Brunswick

Regardless of the statistics, it is certainly a good time for buyers and sellers in the market for real estate in Brunswick. If you are interested in Melbourne's lower housing costs, then come and talk to the team at Ray White Brunswick.

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