Think it's a good idea to invest in Bentleigh real estate? Experts seem to agree with you.
Propell's most recent residential report reveals insightful stats from Australia's property markets. Over the last 12 months, Sydney's median house prices topped the charts and experienced a record-setting growth of 19.8 per cent. Melbourne came in a strong second with its annual growth seen at 12.3 percent.
But despite Sydney's housing market consistently experiencing the highest increases, why are some analysts considering Melbourne as the next hot spot to invest in?
Analysts and agents forecast that Sydney's property prices are soon reaching its ceiling. The massive price growth the city has seen is predicted to slow and then stabilise in the coming year. With this, investors wanting to maximise their gains may find themselves a little too late to the show, and look instead to Melbourne.
Furthermore, Melbourne experienced a 5.1 per cent increase rate in house prices over the month of July, beating out Sydney, which saw an increase of 3.3 per cent. This makes it the second month in a row where Melbourne's growth rate exceeded Sydney's.
With residential dwelling construction approvals remaining high, this is unlikely to slow down anytime soon. This all indicates boosting confidence in the Melbourne market.
Investors will also be aware of the large gap between Sydney's and Melbourne's house prices. Sydney's median house price is currently at $921,500, while Melbourne's is recorded at $630,000. This is a huge incentive for investors not wanting to compete in Sydney's vicious market to take a good look at Melbourne properties in the coming year.
While figures and reports help paint a picture, investing in property still remains a tricky business. Matt Hurlston and the team at Ray White Carnegie are experts who can help you navigate these unpredictable waters and get the most out of your investment. Give us a ring today.