Melbourne remains one of the strongest capital city housing markets, despite an overall slowing of conditions in the national property markets over the quarter.
Melbourne housing market conditions have also lost some steam with the annual rate of growth easing from a recent peak of 13.1% in July down to 11% in October.
Despite the slowing, values are continuing to rise across both the detached housing sector and the unit market.
In fact the last three months has seen unit values edge slightly higher than those of house values, up two percent compared with a 1.9 percent rise in house values.
There’s a few reasons for Melbourne resilience compared with Sydney: population growth is substantially faster and migration rates are at record highs, jobs growth is very strong and affordability constraints aren’t as pressing compared with a Sydney housing market.
YOU MAY ALSO BE INTERESTED IN READING:
SUBSCRIBE & DON'T MISS A SINGLE EPISODE OF MICHAEL YARDNEY'S PODCAST
Hear Michael & a select panel of guest experts discuss property investment, success & money related topics. Subscribe now, whether you're on an Apple or Android handset.
NEED HELP LISTENING TO MICHAEL YARDNEY'S PODCAST FROM YOUR PHONE OR TABLET?
We have created easy to follow instructions for you whether you're on iPhone / iPad or an Android device.
PREFER TO SUBSCRIBE VIA EMAIL?
Join Michael Yardney's inner circle of daily subscribers and get into the head of Australia's best property investment advisor and a wide team of leading property researchers and commentators.