Oxford Economics predicts the median Melbourne house price will grow 21 per cent over the next three years, outpacing Sydney’s forecast 18 per cent expected growth.
We’ve all witnessed the extraordinary growth in house prices over the past four years – Sydney house prices are up 24 per cent, Brisbane by 39 per cent, Adelaide by 40 and Perth by 37.Melbourne is the only capital city where home values have grown at less than the rate of inflation.
Even so, the fundamentals are strong. Like the rest of nation, there’s a housing shortage and supply is nowhere keeping up with demand. Rents in Victoria rose 11 per cent last year, even as investors fled the market.And Melbourne is forecast to become Australia’s largest city. According to Federal Treasury’s Centre for Population, Melbourne’s population will swell from 5.21 million this year to 6.45 million in 2034.
High interest rates and taxes mean that servicing a loan over the property is more onerous than in other cities.
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