No switch between Sydney and Melbourne foreseen: Wakelin

The Wakelin Property Advisory is not convinced there will be a huge switch of investors from Sydney to Melbourne off the back of a softening Sydney market. 

“The Sydney slowdown isn’t causing our phones to ring off the hook with Sydney investors looking at the Melbourne market," Paul Nugent told Fairfax Media this week.

"Investors in these two cities tend to stick with their home town. 

"Melbourne may benefit at Sydney’s expense more from investors from other parts of Australia and overseas looking to invest in residential property in a major Australian capital city," he suggested.

“Although we expect Melbourne’s growth will be quite modest in coming months off the back of unusually strong spring and early summer supply, there does seem to be enough energy in the market to suggest Melbourne will replace struggling Sydney as the ‘growth’ capital for the next few months.”

Melbourne buyers advocate Richard Wakelin recently advised clients the Melbourne CBD could stand for Could Be Dangerous - especially when buying highrise, non-descript, cookie-cutter units.

Paul Nugent of Wakelin Property Advisory and Stuart Wemyss of ProSolution Private Clients will discuss strategies for young adults to enter the property market in an upcoming webinar.

The one-hour webinar starts at 12.30pm on Thursday 29 October. You can register here.