Top property suburbs in Sydney and Melbourne have been announced
As the spring property market begins to heat up, Aussie has released an RP Data report that indicates both Sydney and Melbourne are expected to see continued growth.
In the Sydney property market over the year to June 30 2014, 59.5% of houses and 63.6% of apartments were sold above their list prices. The top performing suburbs for houses were Middle Cove in the Lower North Shore of Sydney, followed by Winston Hills in Western Sydney and Alexandria in the Inner East. Whereas, the top apartment suburbs were North Willoughby in the Lower North Shore of Sydney, Cherrybrook in the Northern Suburbs and Engadine in the South of Sydney.
Aussie executive chairman John Symond said the findings indicated an extraordinary period of growth in Sydney property prices, signs that Spring will be another bumper season for house and apartment sales. “Sydney has the highest number of homes selling above their initial list price than any other Australian city, with growth of 14.8% in prices over the last year.”
In the Melbourne property market in the same period 50.4% of houses and 45.46% of apartments were sold above their list prices. The top performing suburbs for houses were Kilsyth South, Knoxfield and Wantirna and the top performing suburbs for apartments went to Forest Hill, Croydon South and Knoxfield all in Melbourne’s Eastern or South Eastern Suburbs.
Symond said homes in Melbourne on average are selling faster than before, down from 45 days to 41 days on market in Melbourne. "Buyers should be prepared to think quickly and act smart, and go into their property search with their mortgage pre-approval sorted."
“Knowledge of the market and a strong will not to stretch themselves beyond their means is also critical, especially if interest rates rise as they are tipped to do in 2015,” said Symond.
Are you looking to enter the Sydney or Melbourne property market? Search Mozo's home loan hub here to find the right mortgage for your situation.