In 2011,wiIl the Melbourne property market be like Sydney’s in 2004 or Perth‘s in 2007? Or will it be like, well, Melbourne’s in 2010?
Property prices in Sydney, Perth and Brisbane dropped back in those years, after racing ahead of other capital cities. RP Data analysts now expect a similar trajectory for Melbourne house and unit prices, which surged 13.7 per cent and 13.2 per cent, respectively, over the previous 12 months.
“Since the start of 2007,” RP Data says, “Melbourne home values are up 50 per cent and the median house price is now only 15 per cent lower than Sydney’s – compared with 36 per cent lower five years ago. With such a high rate of growth over the two most recent cycles, it stands to reason that the Melbourne market is likely to underperform over the coming 12 months.” – Click here for the rest of the article (PDF Format)
