According to CoreLogic RP Data, the real estate market in Melbourne is looking healthy and strong. Figures from its September Quarterly Review show climbing growth figures as the city experienced a 6.1 per cent increase in housing prices over the July quarter and 11.5 per cent over the 12 months to July. This has bumped median house prices to $630,000.
However, this figure trails behind Sydney's astronomical numbers as the city experienced 18.4 per cent annual value growth and a median house price of $921,500.
While Sydney may be seeing the most dramatic growth in housing prices, don't make the mistake of thinking your real estate in Bentleigh deserves any less attention. In fact, many still consider Melbourne to be the best city to live in.
Every year, Monocle releases a Quality of Life Survey that measures how comfortable and enjoyable it is to live in a city. Melbourne placed extremely highly, coming fourth on the list. This means it beat out notable cities like Kyoto, Vancouver and yes – Sydney. The results video makes special mention of Melbourne's emphasis on good coffee, food, art, design, architecture and live music. It also gives a nod to the city's vibrant CBD grid that is filled with bars, restaurants, cafes and fashion retail gems.
The Economist Intelligence Unit also releases its own Liveability Index every year. It observes a number of factors such as infrastructure, culture and environment, healthcare, education and stability.
Out of the 140 cities surveyed, Melbourne was placed first, topping Sydney once again, as well as other notable international cities such as Vienna and Singapore. This can be attributed to its green landscapes, effective infrastructure and absence of civil unrest and terrorist activity. This will make it the fifth year in a row where Melbourne has topped this prestigious list.
Want to find a home in the most livable city in the world? Get connected with Matt Hurlston and the Ray White Carnegie team, and we'll introduce you to real estate in Bentleigh, one of Melbourne's best suburbs.
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