Property growth in Melbourne could overtake Sydney's as early as next year.
In its Residential Market Report for July, national valuation firm Propell predicted house prices in Melbourne to swell by 8 per cent over the next year – not far behind Sydney at 10 per cent.
Despite Sydney property market growth still being in double digits, the analysts from Propell assert that the increases are moderating, while Melbourne's rise is strengthening.
In fact, Melbourne's prices were up 3 per cent in June alone, surpassing (for the first time in a while) Sydney on 2.4 per cent.
"We can imagine a scenario where Sydney price growth eases back into single digits while Melbourne growth rates are well into the teens," the Propell report stated.
For the time being, however, real estate in Bentleigh is looking increasingly attractive to investors and homebuyers alike – especially those who have been priced out of the Sydney market.
The low-interest rates have had an effect on demand, as mortgage repayments have been made easier to manage.This has allowed more people to access real estate in Bentleigh, and in turn the increased competition has driven prices up.
What is great news, is that while real estate continues to grow, everybody in the market benefits. Sellers get good prices for their real estate, while buyers can almost be assured that their investments will gain in value.
It certainly seems a good time to buy or sell real estate in Bentleigh. If you would like to know more about the current market conditions, talk to Matt Hurlston and the team at Ray White Carnegie. We have a wealth of knowledge and can help you through the whole process of buying or selling your home.