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Houses under $1m in Sydney almost gone....is Melbourne next?

According to recent CoreLogic data from a news.com.au article, there are less than 15 properties on the market within a 10km radius of Sydney's CBD which have a price tag of less than $1 million dollars and there are big deterrents to buying them. Most aren't in a livable condition and require significant rebuild before habitation meaning that they would likely be for a knock down & rebuild project oor are only one bedroom, often without parking.

Further data from the same article said that to afford a house in one of the 15 suburbs within 10km of the CBD, where typical house prices are in excess of $3 million, you would need a household income of $400,000 a year, out of the reach of average families.

So how's Melbourne stack up in a similar discussion? A February Domain article has said that 'median Melbourne house prices are now over $900,000, up 3.2 per cent in the last quarter. Also it notes that Melbourne house prices have risen every quarter for nearly five and a half years. We've seen some discussion about possible house price decreases but it remains to be seen if this will happen or to what extent.

As we've recently seen here in Geelong, Melbourne buyers are driving house prices up here, as well as increasing the number of auction sales. Auctions are up 50% this year with a clearance rate of 79% and made sense when there are multiple interested buyers for each property according to a March realestate.com.au article.

If you're intending to purchase your first, or your next, property in Geelong, the best time to do that is right now. Stamp duty concessions are helping First Home Buyers but for everyone else, the value of properties seems to be on a trajectory upwards.

Come and see me about planning, even if you're not quite ready. Call the office for an appointment anytime during business hours.