Sydney home prices have become so disheartening that Harbour City residents are increasingly moving to Melbourne, the metropolis they love to disparage as cold, wet and drab Bleak City.
With Melbourne set to overtake Sydney as the country’s largest city later this decade, new research has revealed a rising number of the new residents swelling up the city are former Sydneysiders.
Many were making the move for the cheaper cost of living, with Melbourne property prices an average of nearly $190,000 lower than in Sydney.
The Melbourne CBD and inner suburbs Brunswick and South Yarra were other markets attracting high numbers of searches from NSW-based property seekers, who were a mix of owner occupiers making a move and investors wanting a rental.
There was no corresponding high level of interest from Melbourne-based buyers into Sydney real estate.
The Harbour City was also one of the least popular capital city markets for buyers based in other states.
Real estate inquiries from other states into NSW dropped by 32 per cent over the past year, the biggest fall of any state.
MOST POPULAR MELBOURNE SUBURBS FOR SYDNEYSIDERS
1. Richmond
2. Melbourne CBD
3. Brunswick
4. Brighton
5. South Yarra
6. Carlton
7. Armadale
8. Toorak
9. Hawthorn
10. Gisborne
Are any of these suburbs on your wishlist? Contact Chamberlain Property Advocates today, to help you find a property that is perfect for you and your family. Give us a call today on 03 9686 2288. To book a free 20-minute consultation, simply click here.
