Property analysts Cotality showed property prices continuing to decline across all capital cities (except for Darwin) for the sixth straight month in their September Home Value Index Report.
While median house prices do vary depending on the source, September’s drop puts Melbourne median home values at $780,550 behind Sydney, Brisbane, Perth, Adelaide and Canberra, according to Cotality.
Sydney $1,198,596
Brisbane $1,048,880
Perth $975,022
Adelaide $928,560
Canberra $861,744
Melbourne $780,550
Hobart $741,496
Darwin $633,431
But there is good news! Domain recently ranked Melbourne as number one for out-of-state enquiries from potential home buyers based in Queensland, NSW, Western Australia, South Australia and Tasmania.
It seems Melbourne is perceived by interstate buyers as being relatively affordable and excellent value. With Victorian investors remaining unmotivated, the door is open for interstate investors who seek value for money and rising rental returns. Downsizers also see value for money in the Melbourne property market, and workers are attracted to the job prospects Melbourne offers.
Melbourne’s enviable lifestyle centred around easy public transport, theatre, entertainment and sport opportunities, as well as great restaurants and night life, are seen as major drawcards to property buyers from interstate.
And the suburbs that have shown to be popular with interstate buyers include Richmond, Elwood, Brunswick, Carlton, Parkville, Fitzroy, Northcote, Port Melbourne, St Kilda East, Middle Park, Albert Park, Prahran and South Yarra.
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By Wendy Chamberlain
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