People with real estate in Carnegie rejoice! Sydney has been the darling of property investors for quite a while now, but it looks like it’s Melbourne’s turn this year.
A new statement from CoreLogic RP Data has demonstrated that Melbourne has toppled Sydney as the best performing city in the last 12 months. Having continued to grow at a median of 11 per cent value year on year, Melbourne has outstripped Sydney which fell behind to a small, but still respectable, 10.5 per cent.
“Melbourne’s housing market has been more resilient to slowing growth conditions which has propelled the annual growth rate to the highest of any capital city,” said said CoreLogic head of research Tim Lawless.
“The latest data reveals Sydney’s housing market is now playing second fiddle to Melbourne’s.”
While Sydney still sits at a higher median value at $776,000 to Melbourne’s $595,000, according to CoreLogic, this reported higher growth is sure to tip the scale in Melbourne’s favour when it comes to potential buyers.
However, if Sydney is now playing second fiddle to Melbourne, then many Melbourne suburbs are merely the percussion section in Carnegie’s orchestra. Residex data shows the suburb has seen a whopping 20 per cent value growth per annum for Carnegie houses, vastly outstripping not only Sydney, but the rest of Melbourne too.
Clearly, it’s not just about the city that you buy into, but the suburb that you take a slice of too.
If you’re looking to buy into a suburb that not only has plenty of character, a good community and solid schools but shows serious capacity for capital gains, speak to Matt Hurlston and the team at Ray White Carnegie. From Malvern East to Oakleigh, we’re the local experts in Carnegie real estate!