Sydney has been viciously shoved from it’s position as top-dog of national property growth by a triumphant Melbourne strutting to the top of the podium.
Recent research by CoreLogic RP Data shows that dwelling prices in Melbourne rose by 11% in the last 12 months, besting Sydney’s rise of 10.5%.
Ok, not quite a vicious shove as it is a photo-finish, but you get the idea.
Even more dramatically, though, Melbourne saw an increase of 2.5% in January alone while Sydney hit a meagre 0.5%. You’re dropping the ball, man!
Hobart property prices rose by 4.7% while Canberra recorded a rise of 2.8%. Perth and Brisbane however, declined while Adelaide did pretty much nothing. Boring.
Nationally, this adds up to an annual increase of 7.4% and 0.9% for the month.
Sydney still holds the prize for having the highest median price, checking in at $776,000 while Melbourne is at a modest $595,000.
And while all of these numbers sound impressive (read: boring), the market is known to be particularly slow across December and January, just like everything else in our lives that’s recovering from an alcoholic hose-down.
With the market set to slow down quite dramatically this year, only time will tell if Melbourne can keep the top spot, but we’re not likely to see any crashes just yet.