For Melbourne, 2015 was a strong year filled with price growth that was both rapid and (largely) consistent. In fact, while the value of property in Brunswick and other parts of the city remains overshadowed by those in Sydney, it seems that a new wind is blowing across the real estate landscape.
Last year, value growth in Australia has been immense. CoreLogic RP Data's Housing Market and Economic Update shows that by January 31, residential real estate in Australia was worth a staggering $6.4trillion, putting it far ahead of any other asset group.
However, look closer at the numbers and you'll find that for most of 2015, this increase was driven heavily by Sydney's housing market – and by no small margin either. However, the tail end of the year saw real estate in both cities lose a bit of steam, as predicted by analysts.
Interestingly, while Sydney's real estate growth slammed on the brakes, Melbourne's has managed to retain some momentum. A February 1 release by CoreLogic shows that in January, Sydney's housing increased by 0.5 per cent in value. Conversely, this figure was a much more promising 2.5 per cent in our city.
This has led to year-on-year increase of 11 per cent in Melbourne, which is a slight 0.5 per cent greater than its rival – a very different picture compared to earlier in the year! This has helped to reduce the gap in median dwelling prices between the two cities, with Melbourne and Sydney's respectively being $595,000 and $776,000.
As real estate in Brunswick has grown quite a bit in value over the last year, it might be tempting to sell now for a great profit. If you're considering putting your home on the market, get in touch with Ray White Brunswick. Our agents will do their best to ensure that the process is painless and you get a great sale.