Melbourne and Sydney have shown a large increase in house pricing this past month (October 2019).
For the month of October, Melbourne had an increase in housing prices of 2.3 per cent – a rate not seen since 10 years ago. Sydney did not fall behind by much, with prices increasing by 1.7 per cent.
According to CoreLogic’s Home Value Index for October, an overall improvement of 1.4 per cent was seen across the combined capital cities. Have a look at this table for more information (sourced here):
| Location | Change in dwelling values | Total Return | Median Value | ||
| Month | Quarter | Annual | |||
| SYDNEY | 1.7% | 5.0% | -2.5% | 1.0% | $817,886 |
| MELBOURNE | 2.3% | 5.5% | -1.0% | 2.3% | $650,197 |
| BRISBANE | 0.8% | 1.1% | -1.3% | 3.3% | $493,426 |
| ADELAIDE | 0.4% | 0.1% | -0.9% | 3.6% | $433,140 |
| PERTH | -0.4% | -1.7% | -8.7% | -4.7% | $435,119 |
| HOBART | 0.9% | 1.0% | 2.6% | 7.8% | $460,033 |
| DARWIN | 0.3% | -1.2% | -9.2% | -2.3% | $394,132 |
| CANBERRA | 0.6% | 2.4% | 2.0% | 6.6% | $601,487 |
| COMBINED CAPITALS | 1.4% | 3.6% | -2.4% | 1.2% | $610,645 |
| COMBINED REGIONAL | 0.4% | 0.5% | -1.9% | 2.9% | $378,495 |
| NATIONAL | 1.2% | 2.9% | -2.3% | 1.6% | $529,860 |
Some suggest, the rise in Melbourne’s and Sydney’s housing prices may be linked to the recent surge in apartments and units.
As prices continue to rise, it may mean that the number of people able to afford housing will decrease. This will in turn, limit the amount of people in the market.