Perth overtakes Melbourne in home values for first time in a decade | Australian Broker News
In a historic shift, Perth has overtaken Melbourne in median home values for the first time in a decade, according to the latest PropTrack Home Price Index for May. Perth’s median home value now stands at $787,000, surpassing Melbourne’s $782,000, marking an end to Melbourne’s long-standing lead.
A mix of affordability, supply constraints, and increasing investor interest has fuelled Perth’s rise. While Melbourne saw a strong monthly gain of 0.79% in May, its economic headwinds and regulatory challenges have left it lagging over time. Perth, once 40% cheaper than Melbourne, has benefited from:
Melbourne contends with the highest property taxes in the country, compounded by new rental standards increasing landlord costs. These factors, along with higher interest rates, have led many investors to reconsider their positions, resulting in less than 20% price growth over five years compared to a 60% average in other capitals.
Although Perth’s rapid growth is expected to moderate, robust fundamentals like tight rental markets, strong migration, and a resilient labor market are poised to support continued demand well into late 2025.
Don’t let these shifts catch you unprepared. Market conditions are dynamic, with new opportunities emerging in places like Perth. Mates Rates Mortgage Brokers are here to guide you through these changes with:
Stay ahead in this evolving market by contacting Mates Rates Mortgage Brokers. Call us or visit our website today to safeguard your investments and financial future.
Be proactive and informed as the real estate landscape transforms. Reach out to Mates Rates Mortgage Brokers for all your financing needs. Your action is your power!
