Melbourne leads property boom times

Despite three recent interest rate rises and more expected to come next year, property remains a very good long term investment. Capital city house prices have risen 10 per cent on the last ten months, led by boom times in Melbourne’s residential property market (up 15 per cent) as well as Darwin and Canberra also experienced double digit growth in house prices.

Sydney, Brisbane and Adelaide markets have increased in value by less than ten per cent. The median house price in Sydney is $553,583. Canberra’s median price is $503,666 and Perth’s is $498,541. Melbourne is the fourth most expensive capital city with a median price of $481,247.

Source: Sydney Morning Herald