The city that saw the most growth was of course Sydney, with house prices up by 3 per cent. Three per cent may not sound like much to some, but it equates to a $19,500 price increase on a property worth $650,000 the previous month.
Melbourne house prices also performed well with an increase of 0.6 per cent. In fact all Australian capital cities saw house price increases, except for Brisbane where prices dropped by 0.3 per cent.
Sydney and Melbourne continue to lead the way in the Australian property market, and while there is a concern that house prices can’t be sustained at these prices forever, it doesn’t look like there will be a property crash any time soon. However many are predicting that there will be a price adjustment over time.
For those who are dismayed over rising property costs and want to break into the property market it’s important to remember that there are plenty of affordable properties available if you look a little further afield than the capital cities.
Suburbs like Bacchus Marsh for instance offer fantastic value for money while still being close to the Melbourne city centre.
If you’re interested in finding a property in Bacchus Marsh or if you’re curious how much your property is worth, then feel free to get in touch with one of the team at Arbee Real Estate Professionals.
And if you want to find out how other capital cities faired for March 2015, then visit www.corelogic.com.au.