Being nominated as world’s most liveable city for the sixth year in a row, Melbourne’s property prices seem to be growing faster than those of Sydney’s.
Based on the Australian Bureau of Statistics, the number of houses sold in Melbourne went up to an average of 6.9 percent compared to 3.2.percent in Sydney in the year to September.
According to SQM Research founder Louis Christopher, Melbourne is now expanding by about 100,000 people every year. Because of the comparative affordability of properties in Melbourne, people from overseas and interstate opt to live in Melbourne. However, Mr. Christopher added that reality is, Melbourne may end up more expensive than Sydney if the trend continues.
With the numbers of city dwellers continuously increasing, Melbourne has been forecasted to become Australia’s biggest city by 2050 based on the predictions made by the demographers for the past two years.
According to Committee for Melbourne chief executive Martine Letts in an interview conducted by News.com.au, it is not just about the price of the properties that makes Melbourne more attractive than other cities – it boils down the livability of the city.
Aside from the city’s liveability, Ms. Letts added that there is always something going on in Melbourne, which makes communities get more engaged in the city.
Ms. Letts said that what they should be focusing moving forward is how to meet the demand of the future for the entire city.