Melbourne apartment prices rising faster than houses in March 2017 quarter: Domain
Melbourne apartment price growth leaped ahead of house price growth in the first three months of the year, as unit values surged 4.6 per cent in the country's second-largest city.
House prices in the Victorian capital jumped 4 per cent in the March quarter, Domain Group chief economist Dr Andrew Wilson's latest State of the Market Report showed.
Melbourne's growth outdid Sydney, where house prices gained 2.8 per cent and units just 1.3 per cent.
"Melbourne is the clear top performer and will continue to stay there," Dr Wilson told Domain.
Melbourne houses will rise 10 per cent this calendar year and units 7 per cent, while Sydney houses will gain 7 per cent and units 3 per cent, Dr Wilson said.
He said the strength of Melbourne apartment prices was surprising and indicated that despite some falling in off the plan value, the largely overseas investors who had purchased them were holding on to them, Dr Wilson said
“They’re certainly not welcome numbers,” Oliver said.
“The only people who this is good news for are those who are looking to sell … and move out of Melbourne into regional areas or to cities and states which haven’t seen the gains in recent times.”