Market Update

Stock remains low - gain access to the huge number of off-market properties where opportunities do exist

Sydneysiders and Melburnians Have Different House-hunting Priorities

Sydney versus MelbourneMichael Yardney produces yet another interesting article for the Property update where he devotes a few lines to build up the rivalry between Sydneysiders and Melburnians. Quite true actually; Sydney will contest with Melbourne over the taste of coffee, weather, sports venues and what not. Let me however come to the central point the article speaks on- priorities of the buyers in two capital cities while hunting for houses.

The question of “Traffic”

The article poses an interesting question- Do Sydneysiders drive more than Melburnians? It is because traffic is a greater priority for them when compared to their counterparts. “Traffic” ranks at two, one step below “neighbourhood safety” for Sydney. Melbourne also gives maximum weight to “neighbourhood safety” but prioritises “public transport access” and “shops” more than “traffic”.

Parks and communal spaces

Another point worth noting is the fixation of Melburnians for parks and communal spaces. They rank fifth in the house hunting list in Melbourne whereas they find the 8th place in Sydney’s list.

Good floor plan/outdoor spaces

In terms of the house itself, Melbourne rates good floor plan much higher than Sydney. Sydneysiders, on the other hand, focus more on outdoor spaces and garage area in comparison to their rivals.

You can read the original article here.

Fascinating survey results these! I will add one more attention-grabbing fact to this survey on house-hunting priorities. Sydney has been voted world’s best city 8 times (and uninterrupted). Quite remarkable!

Melbourne, on the other hand, has got the vote for being the world’s most liveable city 3 times in succession. They have been fetching their share of bouquets and yet something ineffable refuses to bridge their gap since pre-Federation times.

Melbourne will however have to concede that its property growth has been marginalised to a few key areas (for example, the middle ring) whereas Sydney has shown overall growth in the last few years.

Which between the two will hit the property market peak first? Where do you see higher capital growth in near future?