Population boomed with many government incentives, so the average house price in Melbourne is on the rise, forecast to reach $ 1 million by 2018.
According to data from the well-known marketing firm Domain Group of Australia, the median house price in Melbourne in 2014 is 627,068, 2016 is 795,447 AUD and is expected to reach 1,000,000 AUD in the fourth quarter 2018 with growth The average is 3% per quarter for a year and a half. Meanwhile, median house prices in Sydney surpassed $ 1,000,000 in July 2015 after growing 8.4% in a quarter.
The new price will make Melbourne the second-largest city with a seven-digit average house price. Much of Melbourne’s growth is anticipated as a result of first-time homeowner tax relief, including a stamp duty exemption for homes priced under AUD $ 600,000.
“When there is a change in taxes, it can have a very short-term impact on the market,” Wilson said.
First-time homebuyers who buy cheaper homes will be able to “activate” the home improvement market. These people will then spend more on their next home to push up prices. The rapid increase in house prices from 2009 to 2010 is an example of what might have happened as a result of first-time homebuyers, so the average home price in Melbourne reached AUD $ 1,000,000 It’s just too late.
Mr. Paul Nugent, director of Wakelin Property Advisory, asserts that home prices in Melbourne are likely to reach 1,000,000 AUD in the next few years, 2017 housing price growth is likely to reach about 10%.
Mr Paul Nugent also said the Reserve Bank of Australia could offer interest rates or tighten regulations to bring about similar effects. On the other hand, first-time homebuyers’ stamp duty concessions in force in Victoria on July 1 can bring positive effects to home prices in the real estate market. Australian produce in general.
Mike McCarthy, director of Barry Plant, said that the main heat in the market came from affordable suburbs including Pakenham, St Albans, Sunshine and Noble Park. Affordability is one of the main drivers, coupled with strong growth in suburban areas, is a clear indicator of the timing of change.
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