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.
By Wendy Chamberlain
Copyright 2023 | All Rights Reserved
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With a passion for all things real estate spanning over 20 years, Wendy loves that her role as a Buyers Agent or Sellers Advocate gives her buying and selling clients an experienced voice they can trust when it comes to negotiating to buy or sell something as important as their home or investment. Wendy considers it a privilege to be asked to help others realise such an important goal as home ownership and to be trusted with that honour. Get in touch today via www.chamberlainadvocates.com.au for a no obligation chat about how Wendy can work with you and help you save time and money to secure your new home sooner.