The Melbourne dwelling price ( houses and units) has risen more than in any other capital over the last year, taking over from Sydney. Cross return from investing in a Melbourne dwelling are aloes the highest in the country are also the nations highest at 19.3%.
The strong growth in prices for Melbourne family homes is reflected in the latest CoreLogic figures, which show Melbourne prices outperformed all other cities in July, rising 3.1 per cent for the month. CoreLogic’s Hedonic Home Value Index showed Sydney prices only rose 1.4 per cent in July, and Canberra prices were up 2.4 per cent. Brisbane, Perth, and Darwin prices declined, according to the CoreLogic index.
Tim Lawless, head of research CoreLogic, said Sydney and Melbourne prices might be showing a partial recovery from the “seasonal slump” in values recorded in April and May, and may be benefiting from new stamp duty concessions for first home buyers in New South Wales and Victoria.
“Melbourne appears to be benefiting from consistently high population growth which is creating strong demand for housing, as well as consistently high jobs growth and more affordable housing options relative to Sydney,” he said.