How Melbourne and Sydney properties are doing
Prices of homes in Australia keep rising strongly. Specifically, Melbourne has been leading the growth over Sydney for September in this quarter.
According to a report from ABC, Melbourne’s quarterly home price is 5%, which is 2.3% rise for the month of September.
Sydney still has a strong price increase at 3.5% for the quarter. Although the region already posted 0.8% in the previous month.
For the annual basis, Sydney’s 10.2% price growth still remains the strongest for the nation, although Melbourne has 9% for closing.
“Household incomes, typically across New South Wales, are growing at about 4.5 per cent and we’re seeing dwelling values rising at a little bit more than double that pace of growth,” shared CoreLogic’s head of Asia-Pacific research Tim Lawless. He also said that continuing price gains above household income growth is not sustainable.
“You wouldn’t expect this cycle could really last that much longer,” he predicted.
“After such a long, and strong, pace of capital gains in this current cycle we would expect there to be a downturn following such strong growth, as we’ve seen after every other growth cycle in the marketplace,” he added.
For homeowners who would be selling or planning to buy, it is best to enlist the help of a real estate agent, conveyancer and other property specialists to know that you’re doing the right thing for the current market situation.
It is also best to scout initially for possible options before jumping ahead with an investment or a transaction.
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