On average, Melbourne prices are nearly $190,000 lower than Sydney!
The Melbourne CBD and inner suburbs Brunswick and South Yarra were other markets attracting high numbers of searches from NSW-based property seekers, who were a mix of owner occupiers making a move and investors wanting a rental.
Real estate inquiries from other states into NSW dropped by 32 per cent over the past year, the biggest fall of any state.According to data from moving service Muval, Sydney is the key driver of Melbourne’s growth. Sydneysiders accounted for the majority recent moves into Melbourne, with the outflow increasing 27 per cent between 2020 and 2022. The bulk of those making the move were aged 25-34.
Adelaide, one of the few markets where property prices have continued to rise during recent interest rate hikes, has also proved a popular market for Sydney-based investors. “There’s an awareness that there is more infrastructure coming and Melbourne is attracting more people. The lifestyle and chance for capital growth is a big attraction,” she said.
Author Amanda Hampson recently moved from Avalon on Sydney’s northern beaches to inner Melbourne and said she felt her new city functioned better. Her grown-up children also made the move separately.
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