The grass is always greener on the other side of the country. One hears people talk of the wonders of the Sydney market, the Brisbane market, the Perth market. But the Melbourne property market has performed almost equally to those other over the last two years, and holds greater room for future improvement than those further afield. More pertinent than comparing Melbourne to other, distant, real estate markets is to compare it to alternative investments such as shares, bonds and gold, all of which it has easily outperformed.
We are nearing, or at, the bottom of a cycle and these are good times to invest in real estate, and it is the perfect time to invest.
Perhaps counterintuitively, the Melbourne market’s slower growth has left the market with more potential increase and produced sumptuous prospects for switched-on property investors. The average value of Melbourne houses as compared to Sydney houses is as low as it has been for two decades, creating huge investment potential, particularly in the more affluent streets of the suburbs such as Stonnington and Boroondara. At Abercrombys we are advising our clients not to wait for an interest rate fall before investing, because this is likely involve you in a stampede of like-minded wait-and-see types bidding you to prices you’d rather not pay. Get in before the crowd.