Money goes further in Melbourne
07 June 2015 by News Desk
Soaring house prices in Sydney are driving buyers to Melbourne where property is cheaper.
Melbourne has also seen house prices rise but the average home is $200,000 cheaper than Sydney and there are a greater number of properties available. Melbourne currently has over 30,000 properties on the market while Sydney has just 17,000 despite a similar population, so competition among buyers is fierce.
Darrell Todd, CEO of thinkingaustralia, says: “Home buyers and property investors feel they are being priced out of the market in Sydney so they are turning to Melbourne where prices are lower and choice is greater. If you are looking for a new home, your money goes further in Melbourne”.
The average price of a Melbourne house is currently $590,000, compared to Sydney’s $767,000. Apartments in Melbourne cost an average $455,000. In Sydney the price is $590,000.
Apartment prices at ‘Marco’, a new high-rise residential development in Melbourne, start at $381,000. By comparison in Sydney, a 50sq ft inner city apartment can cost over $1 million.
