Theresa Worrell: Melbourne Housing Market Update [video]

Melbourne overtook Sydney in October to show the most rapid housing market recovery trend.

CoreLogic has released their newest housing market update for November 2019.

Melbourne overtook Sydney in October to show the most rapid housing market recovery trend.

Values were up 2.3% in October, which was the largest month on month change since late 2009, taking the market 6% higher since finding a floor in May.

The faster pace of recovery relative to Sydney may be attributable to higher population growth, lower affordability constraints and a more substantial rise in investor activity.

Melbourne`s premium value properties are leading the recovery trend, with values across the top quartile rising 7.1% over the three months ending October, compared with a 3.8% rise across the lower quartile.