Across Melbourne buyer advocates are reporting increased enquiries from Sydney home buyers looking to purchase a home or an investment property in Melbourne.
The Melbourne real estate market is attracting Sydney property buyers who are priced out of the Sydney market and find Melbourne property prices infinitely more affordable.
The Domain House Price Report for June indicated that Sydney real estate reached a median house price of $1,662,448, almost $600,000 more than Melbourne which recorded a median house price of $1,068,805 in the same quarter. And with interest rates failing to fall, that $600K can be the difference between being able to buy in Melbourne or continuing to rent in Sydney.
Melbourne’s comparative affordability does seem to be the biggest drawcard, but is it just the measurable price difference that is drawing Sydney home buyers to relocate to Melbourne? Or are Sydneysiders discovering that Melbourne’s better bang for your buck is about more than just house prices…
The 2024 EIU Global Liveability Index ranked Melbourne as the fourth most liveable city in the world while Sydney languished in seventh place. Melbourne’s cultural lifestyle is certainly a drawcard, alongside lower house prices and smaller mortgages. But it is also the lifestyle implications of being able to purchase a three bedroom home in Melbourne within easy reach of the CBD, something that is now unachievable for most home buyers in Sydney.
Sydney home buyers who intend to relocate to Melbourne will find the secret to successful property buying in Melbourne is knowing exactly where and what to buy, and how much to spend. As an interstater, that’s hard to achieve. So they’re doing the smart thing and seeking out experienced buyer’s advocates in Melbourne like Chamberlain Property Advocates, who can help them find the perfect home.
If you’re in Sydney and you want to buy a home in Melbourne, see how our buyer advocates can help.
Chat to us about how a property advocate can help you sell or buy in the current market with confidence. Investment buyers can receive invaluable support and guidance through our Buyers Advocacy Service, and for landlords who are selling, our Vendor Advocacy Service helps vendors achieve outstanding results.
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