By JUNKUT BHARARA/STUFF Melbourne is on the rise, according to new data from property website Trulia.
It’s been a strong year for the city, with the median home price up more than 30 per cent year on year to $1.29 million.
The price has also been a bit more than $2 million higher than last year.
But the numbers are nowhere near the peak that many have feared.
While the median price is up a whopping 80 per cent since July, it’s down 22 per cent from the same period last year and up just 6 per cent compared to a year ago.
Trulia’s chief economist, Alex Nairn, said the numbers showed that Melbourne was now “the most expensive city in Australia”.
“The last three months have been a great time for people to make money and buy homes in Melbourne,” he said.
“And the city is now in a strong position to become the most expensive metropolitan area in Australia.”
However, the city still has a long way to go to become a truly affordable market, and that will continue to be the case over the coming years.
“Melbourne has also seen a surge in house prices since the beginning of the year.
The median home prices in the city have increased an average of 40 per cent between June and July.
The average price per square metre is up an average 42 per cent, with prices in Melbourne’s CBD up 20 per cent over that period.
The average price of a detached home in the CBD is up by a whopping $3.1 million, while the median value of a single-family home is up 40 per per cent.
“However, it is still not quite as high as other Australian cities like Perth, Adelaide and Sydney.” “
The average median price of houses in Melbourne has gone up from $1,827,000 to $2,856,000,” he told news.com.au.
“However, it is still not quite as high as other Australian cities like Perth, Adelaide and Sydney.”
The median price for a detached house in Melbourne was up 38 per cent in July, but it’s still lower than the national median of $2.5 million.
A median house price of $1 million in Sydney was $1 per square foot, while in Melbourne it was $2 per square metres.
However, Mr Nairs also pointed out that Melbourne is one of the biggest cities in the world and many other major cities are not far behind.
While some might argue that the city has been hit hard by the global financial crisis, Mr Rocha said the city’s situation has been much more difficult than other cities.
He said the problem has been compounded by the city being in the middle of a major construction boom.
At the same time, the housing shortage has caused demand to drop and property prices to rise.
As a result, many people are renting their homes out, and many of those renters are also moving to other parts of the country, such as Sydney and Melbourne.
Mr Rochas point is that Sydney and Victoria are in the midst of an influx of people, many of whom are moving to the cities in search of more affordable housing.
Mr Nairnt said while the population of Melbourne is rising, the population growth is slowing.
This has also led to a lot of people not being able to buy a home in Melbourne.
“It’s the reverse of the housing boom,” he explained.
“The housing boom has been so much stronger than the housing crunch, so we’ve had a lot more people buying homes than people renting.”
It’s still too soon to tell whether this new trend will continue, but Mr Narnas point out it’s good to see a shift in how people are moving.
In the long run, the market is going to be much stronger in Melbourne, Mr Bhatara said.
If people are prepared to wait for the housing market to catch up to demand, the future is bright for the country as a whole.
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