Housing market remains strong in Melbourne

April 13, 2017 by  

The housing market within Melbourne is more vibrant than the national picture would suggest, recent figures reveal.

The demand for housing in Melbourne and Sydney is higher than in many other Australian urban areas. Price growth in Melbourne should be strong this year, and suburbs like Clifton Hill may become more exclusive as a result. Brochures from Clifton Hill can be used to showcase the property in the area.

A recent survey for the National Australia Bank (NAB) indicated that house prices within Melbourne may surge by over 10% this year. However, market professionals have predicted that house price growth in Melbourne should increase by about half that rate in 2018.

The statistics for Melbourne show that the residential property market of the city should be marginally hotter than that of Sydney in 2017. Further, it has been predicted that Sydney house prices will rise at a less notable rate than Melbourne house prices next year.

Meanwhile, the rest of Australia seems out of step with both Melbourne and Sydney. It would appear that house prices in Perth are sliding, while Canberra, Brisbane, Adelaide and Darwin are all still on a different economic trajectory to Melbourne.

Property expert Michael Matusik does not disagree with the general message of the survey data. However, he has come up with a more detailed analysis by differentiating between the likely fortunes of detached and attached housing in the various cities.